Don't Forget Closing Costs

"Closing Costs" are the fees which cover various services involved when you sell or buy a house. Buyers and sellers almost always negotiate the payment of these closing costs.

As you'll see below, many of the buyer's closing costs are related to the costs of getting the loan. At First Community Bank of Central Al., we are highly experienced in residential mortgage lending, so we can compile a comprehensive list of mortgage-related costs in your "Loan Estimate".

Loan Estimates (LEs)

Soon after you submit your application, we'll give you a "Loan Estimate" of your closing costs. The closing costs enumerated in the Loan Estimate are estimated based on our experience with mortgage loans, but costs often vary a little bit between the LE and closing. We will be glad to review the "Loan Estimate," answering your questions and highlighting costs that sometimes vary a little bit at the closing table.

Below you'll find a generic list of costs for buying a home. We will always provide a specific list of your closing costs when we give you a Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Appraisal Costs
  • Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Taxes
  • Loan-related costs
  • Points — These are costs you pay up-front to lower your mortgage interest rate (optional)
Property Taxes
  • Insurance
  • Recording Fees & Transfer Taxes
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood / Quake Insurance if applicable

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

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