(StatePoint) Buying a home? Don’t forget to account for closing costs. These settlement fees are among the last expenses you pay before officially taking ownership of your new home. Here’s what to know:

What are closing costs? Closing costs are fees charged by your lender , real estate agent and other third parties involved in the homebuying transaction. They include various charges related to property expenses, the mortgage application process and other paperwork. Closing costs include a combination of one-time fees, which may include the loan origination fee, appraisal fee, and initial installments of recurring costs — such as your homeowners insurance and escrow payment.

Why do closing costs matter? Although closing costs can vary based on the location, size and cost of the

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