This article uses too much jargon, which needs explaining or simplifying. Please help help improve the page to make it understandable for everybody, without removing the technical details. (August 2023)

A mortgage is a way to use one's real property as a guarantee for a loan to get money. Real property can be land, a house, or a building. Many people do this to buy the home they use for mortgage: the loan provides them the money to buy the house and the loan is guaranteed by the house. Mortgage closing costs are the fees paid when securing a loan, either when buying a property or refinancing. Lenders charge these fees in exchange for creating your loan. Closing costs cover things like your home appraisal and searches on your home’s title.