What term describes the costs associated with securing a mortgage that are paid at closing?

The term that describes the costs associated with securing a mortgage that are paid at closing is "closing costs." Closing costs refer to a variety of fees that are incurred during the process of finalizing a mortgage loan or the purchase of a home. They typically include expenses such as title insurance, appraisal fees, attorney fees, and various lender fees, among others.

These costs are necessary for the completion of the real estate transaction and are typically calculated as a percentage of the home's purchase price or mortgage amount. Closing costs can significantly impact the total amount of money that a borrower needs to bring to closing, making it essential for prospective buyers to be aware of these expenses ahead of time.

While the down payment is a crucial component of obtaining a mortgage, it specifically refers to the portion of the purchase price that the buyer must pay upfront and does not include any associated costs. Loan origination fees are part of the overall closing costs but represent a specific fee charged by the lender for processing the loan, rather than encompassing all associated closing expenses. Equity payments generally refer to payments made on a mortgage that increase the borrower's equity in the property over time, which is not relevant to the costs incurred at closing.