Which of the following is NOT typically considered a closing cost?

In the context of real estate transactions, closing costs refer to the various fees and expenses that buyers and sellers incur when closing a property sale. These costs are typically one-time charges and occur at the closing of the transaction rather than recurring payments.

Monthly mortgage payments, on the other hand, are not closing costs. They represent the ongoing payments that a borrower makes to the lender over the life of the loan to pay back the principal plus interest. This distinguishes them from closing costs, which are paid upfront and relate specifically to the transaction of purchasing a home.

The loan application fee, appraisal fee, and termite inspection are all associated with the finalization of the property purchase, making them typical components of closing costs. The loan application fee covers the lender's costs in processing a mortgage application; the appraisal fee is paid for assessing the property’s value; and the termite inspection fee is for ensuring the property is free from termite damage, an important aspect addressed during the closing process.