On the day you actually buy your new home, in addition to your down payment, the prepaid property tax and homeowners insurance premiums, you’ll need cash for various fees associated with the purchase. These expenses are known as closing costs and are paid by both buyers and sellers.Some closing costs you pay up-front when you apply for a mortgage loan. Those include money for a credit check on all applicants and an appraisal on the property. Keep in mind that even if you don’t eventually receive the loan, that money is not refundable.Other closing costs are possible and should be considered when evaluating your financial situation. These may include, but are not limited to:
a.   Title insurance fee
b. Survey charge
c.   Loan origination fee
d. Attorney fees or escrow fees
e.   Document preparation fee
f.    Garbage or trash collection fees; and the big one
g. Points-up-front interest paid in return for a lower interest rate. Each point is one percent of the loan amount. Sometimes you can contract for the seller to pay your points.