Following up on the previous post regarding closing costs, for those who are buying for the first time, here are examples of the types of closing costs you'll see on your final settlement statement. This means, you'll have to pay these on the day you close on the purchase of your new home.

(Lenders usually estimate that closing costs will run 1-3% of your loan amount, which can add up, if you're buying a $500,000 home. Most buyers pay the closing costs in cash, although you can usually roll the costs into your mortgage loan, in effect borrowing the money.)

These fees may be negotiable with your bank. Get these down to zero, to save yourself some out-of-pocket expenses:

Discount points
Title insurance
Fees for pulling credit
Appraisal fees
Origination fees
Processing fees
Attorney's fees
Inspection fees

The following are fees you'll definitely have to pay yourself, unless you get the seller to kick in some cash:

Real estate taxes covering any period after the closing date (yes, you'll owe property taxes)
Interest charges and hazard insurance covering any period after the closing date (the interest you pay will be from closing date to the date of your first loan payment, and the hazard insurance may be the first three or six months' of payment, I believe)
Transfer taxes (I don't know what these are)
Homeowner association dues (usually you pay the rest of the first month's dues)

*** Oh, here's a great little spreadsheet put out by the people at the government's Housing & Urban Development department. There is a lot of good, elementary information there, as well.

More: What Are Seller Concessions - Quicken Loans website