"Closing Costs" are the fees that pay for the various services involved in the sale of residential real estate. Sellers and buyers almost always negotiate these closing costs.
Many of the closing costs associated with buying a home are associated with getting a mortgage loan. Since First Community Bank of Central Al. is highly experienced with closings and mortgages, we are closing cost experts.
Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. The closing cost estimate is based on our past experience. It's important to note that while our LEs are very accurate, we cannot always estimate costs to the penny. We answer questions about closing costs every day at First Community Bank of Central Al., so please feel free to contact us if you have questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very 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
TaxesLoan-related costs Points — A fee paid to lower your mortgage interest rate (optional) Appraisal Fee Obtaining Your Credit Report Up-front Interest Payment Escrow Fees
Transfer Taxes & Recording Fees Insurance
Flood or Quake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
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