"Closing Costs" are the fees that pay for the various services involved when you sell or buy a house. Buyers & sellers almost always negotiate to decide how to split these closing costs.
As you'll see below, many of the closing costs result from getting your loan. Since First Community Bank of Central Al. has extensive experience with mortgages and closings, we often explain the details of closing costs.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. This closing cost estimate is based on the loan officer's past experience. It's important to note that while our LEs are very accurate, we can't always predict your closing costs to the penny. We will be glad to review the "Loan Estimate," answering your questions and pointing out costs that sometimes change slightly at closing.
Below you'll find a fairly generic list of costs for buying residential real estate. We will provide a specific list of your closing costs when we deliver your Loan Estimate.
Standard Closing Costs
Escrow Fees TaxesCosts associated with "originating" your loan Points — lower your mortgage interest rate (optional) Appraisal Costs Credit Report Interest Payment
Recording Fees and Transfer Taxes Insurance
Flood or Earthquake Insurance if applicablePrivate Mortgage Insurance (PMI) Title Insurance
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.