You've been pre-approved, you've made an offer on a home, all the inspections have come back satisfactory and it's time to go to the closing table and become the new legal owner of your dream home. In addition to your down payment, prepaid property taxes and homeowner's insurance premiums, you may also 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 of these costs you pay up-front when you apply for a mortgage loan. These 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, these monies are not refundable.

NOTE: Consider closing costs when choosing one mortgage plan over another. The good news is that if your cash is limited, some programs allow the seller to pay some or all of the closing costs, such as title insurance, escrow fees, and points. Certain closing costs can sometimes be added to the amount of the mortgage loan.

Other closing costs are possible and should be considered. Don't worry - these are costs that your professional real estate agent will advise you of, avoiding any last minute surprises.These may include, but are not limited to:

• Title Insurance
• Survey charge
• Loan origination fee
• Attorney fees and escrow fees
• Document preparation fees
• Garbage or trash collection fees
• 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