Closing Costs

Understanding Closing Costs: A Guide to Mortgage Fees and Expenses

Loan Estimates

A loan estimate is a standardized document provided by one of our experienced lenders which details the estimated costs and terms of a mortgage, including interest rate, monthly payment, closing costs, property taxes, and homeowners insurance. The Loan Estimate helps borrowers understand the financial implications of their mortgage and allows them to make informed decisions regarding which loan is best for them. 

Standard Closing Costs

Loan-Related Costs

  • Costs related to "originating" your loan 

  • Points - These are costs you pay up-front to lower your mortgage interest rate (optional) 

  • Appraisal Fee 

  • Pulling your Credit Report 

  • Up-front Interest Payment 

  • Escrow Account 

  • Taxes

Property Taxes 

  • Transfer Taxes and Recording Fees 

  • Insurance 

Homowners Insurance

  • Flood / Earthquake Insuance if applicable 

  • Private Mortgage Insurance 

  • Title Insurance 

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First Community Mortgage can answer all of yourquestions about closing costs!

Give us a call: (334) 285-8850