Every home sale incurs certain fixed costs. Sellers and buyers almost always split these costs, as specified in the real estate sales contract.
Many of the costs associated with buying residential real estate are associated with getting the mortgage loan. Since First Community Bank of Central Al. is highly experienced with closings & mortgages, we often explain the details of closing costs.
Buyers will receive a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this closing cost estimate on our extensive past experience. It's important to note that while our LEs are very precise, we can't always predict costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes vary a little bit at the closing table.
Below is a fairly generic list of closing costs. We will provide you with a specific list of your closing costs when we give you a Loan Estimate.
Standard Closing Costs
Points — These are costs you pay up-front to lower your mortgage interest rate (optional) Appraisal Costs Getting Your Credit Report Up-front Interest Payment Escrow Fees Various TaxesLoan-related costs
Recording Fees and Transfer Taxes Insurance
Private Mortgage Insurance (PMI) Title Insurance Flood / Quake Insurance
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