About Closing Costs

"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.

Loan Estimates (LEs)

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

Loan-Related Costs
  • Taxes
  • Loan-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
Property Taxes
  • Transfer Taxes & Recording Fees
  • Insurance
Homeowners Insurance
  • Flood or Quake Insurance if applicable
  • Private Mortgage Insurance (PMI)
  • Title Insurance

First Community Bank of Central Al. can answer questions about these closing costs. Call us: (334) 285-8850.

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