5) Closing Costs, Points & Title Insurance

What are closing costs?

Closing costs are charges paid to various entities during the real estate transaction. They can include escrow fees, document preparation fees, cost of an inspection and lender fees.

What is a point?

A point is equal to one percent of the loan principal. Some lenders charge points, in addition to interest and fees, at closing.

What is title insurance?

Title insurance protects against loss from any defects in the legal title, liens against the property or other adverse claims. The lender usually requires title insurance.

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