"Closing Costs" are the fees which cover the various services involved in the sale of a house. Buyers and sellers almost always negotiate to decide how to split these costs.
As you'll see below, many of the buyer's costs are related to the costs of originating the loan. At First Community Bank of Central Al., we are highly experienced in mortgage lending, so we can provide you with a comprehensive report on mortgage-related closing costs in your "Loan Estimate".
Very soon after you apply for a loan, we'll provide you with the "Loan Estimate" of your closing costs. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very precise, we cannot always predict costs to the penny. We review Loan Estimates with buyers almost every day, so we'd be glad to answer your questions about closing costs.
Below you'll find a generic list of costs for buying a home. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Obtaining YourCredit Report Interest Payment Escrow Fees TaxesCosts related to "originating" your loan Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Fee
Insurance Transfer Taxes and Recording Fees
Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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