Closing Costs for Residential Real Estate Transactions

Every home sale incurs certain fixed costs. Sellers and buyers usually share these costs, as specified in the sales contract.

As indicated below, many of the buyer's closing costs are related to the costs of originating the loan. Since First Community Bank of Central Al. has extensive experience with mortgages and closings, we often explain the details of closing costs.

Loan Estimates (LEs)

Soon after you submit your application, we'll give you a "Loan Estimate" of your closing costs. The closing costs specified in the Loan Estimate are estimated based on First Community Bank of Central Al.'s experience with mortgage loans, but costs often change a little bit between delivery of the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that can change slightly at closing.

We've provided a general list of these costs below, but we'll provide you a specific list of closing costs, with amounts, soon after you complete your loan application. At First Community Bank of Central Al., we don't believe in surprises, so if your costs change, we'll be sure to let you know immediately.

Standard Closing Costs

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

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

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