Closing costs are fees and expenses related to the purchase of a home that are paid at the time of closing. Some of the most common closing costs include:

1. Loan origination fee: A fee charged by the lender for processing the loan application and originating the mortgage.
2. Appraisal fee: A fee charged for the appraisal of the property to determine its market value.
3. Title search fee: A fee for searching the title records to ensure that the property is free and clear of any liens or other claims.
4. Title insurance: Insurance to protect the buyer and lender against title-related issues that may arise after the sale.
5. Survey fee: A fee for a survey of the property to confirm the boundaries and dimensions of the property.
6. Escrow fee: A fee charged for the services of an escrow company, which holds the funds and property deeds during the transaction.
7. Recording fee: A fee charged by the local government to record the transfer of ownership of the property.
8. Homeowner’s insurance: The first year’s premium for homeowner’s insurance, which is required by most lenders.
9. Property taxes: Any property taxes owed on the property that must be paid at closing.
10. Inspection fee: A fee for any inspections that are required, such as a home inspection or pest inspection.
11. Credit report fee: A fee for obtaining a credit report, which is used by the lender to determine your creditworthiness.
12. Prepayment penalty: A fee charged by the lender if you pay off the loan early.

The total amount of closing costs can vary greatly depending on the purchase price of the home, the type of mortgage, and the location of the property. It’s important to work with a lender and real estate agent to understand the specific closing costs associated with your home purchase. Closing costs are usually paid at the time of closing and can be paid by the buyer, the seller, or split between both parties.