Loan Origination Fee
This covers the administrative expenses in setting-up and processing the loan. The loan origination fee may be a percentage of the mortgage amount.

Points (optional)
An option for the home buyer is to pay points to lower the interest rate at which the loan will be repaid. Each point equals 1 percent of the mortgage amount. For example: on a $150,000 loan, 1 point would equal $1,500.

Appraisal Fee
The fee for having the house appraised may be incorporated into the closing costs or payment may be required by the lender at the time the loan application is submitted.

Credit Report
The lender uses a credit report to determine the creditworthiness of the loan applicant. This fee is often paid when the loan application is submitted.

Interest Payment
Typically the buyer is required to pay interest on the mortgage loan to cover the time between the closing date and when the first mortgage payment period begins. For example: If closing is on May 15. Your first monthly payment begins to accrue interest on June 1 with your first mortgage payment due July 1. At closing an interest payment covering the accrual period between May 15 and May 31 may be required.

Escrow Account
At closing a payment may be required to fund the escrow account if the lender is paying home insurance, property taxes and/or other expenses out of the escrow account.

Private Mortgage Insurance (PMI)
While not a cost or fee paid at closing because it's usually included as part of your monthly loan payment, it is a cost in a loan that you should be aware of. Usually required by lenders on loans where the loan amount is greater than 80% of the value of the home. This is extra insurance is required  to protect lenders against loss if a borrower defaults on a loan. This is supposed to enable borrowers with less cash to have greater access to homeownership by making it possible to buy a home with as little as a 3 percent to 5 percent down payments without waiting years to accumulate a large down payment.

*This list is not exhaustive and may vary based on local conditions and requirements.