Closing Costs, Points, and 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, the 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.