1. What are mortgage points? How much would a home buyer have to pay if the lender wanted to charge 2.5 points on a 250,000 mortgage? When would this amount have to be paid? What effect do points have...

1. What are mortgage points? How much would a home buyer have to pay if the lender wanted to charge 2.5 points on a
250,000 mortgage? When would this amount have to be paid? What effect do points have on the mortgage’s rate of interest?

2. What are closing costs, and what items do they include? Who pays these costs, and when?