About Closing Costs

All residential real estate transactions incurs certain fixed costs. Buyers and sellers usually split these costs, as the sales contract specifies.

As indicated below, many of the buyer's closing costs cover the costs of originating the mortgage loan. At First Community Bank of Central Al., we are highly experienced in residential mortgage lending, so we can provide you with a comprehensive list of closing costs related to your mortgage in your "Loan Estimate".

Loan Estimates (LEs)

Very shortly after you submit your application, we will provide you with a "Loan Estimate" of your closing costs. The closing costs enumerated in the LE are estimated based on First Community Bank of Central Al.'s experience with mortgage loans, but costs often change by small amounts between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at the closing table.

Below you'll find a fairly general list of costs for buying residential real estate. We will always provide a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Loan-related costs
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Fee
  • Credit Report
  • Up-front Interest Payment
  • Escrow Account
  • Various Taxes
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Flood or Earthquake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

At First Community Bank of Central Al., we answer questions about closing costs every day. Give us a call at (334) 285-8850.

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