Which of the following is NOT typically included as part of closing costs?

The down payment is generally not considered part of closing costs. Closing costs typically include fees associated with the processing and closing of a mortgage, such as lender fees, title insurance, and home inspection costs. These costs are important because they encompass various expenses necessary to finalize a mortgage loan and transfer ownership.

On the other hand, the down payment represents a percentage of the home's purchase price that the borrower pays upfront and is applied directly toward the purchase of the property. It is a separate financial requirement from closing costs, which can sometimes lead to confusion. Ultimately, while closing costs can significantly add to the expenses of buying a home, the down payment serves as a form of equity and is foundational in the purchase transaction itself.