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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.

 

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

 

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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