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Well, not quite. "Point" in this case is a percentage point, and while there's some scoring involved, it's got more to do with scoring lower payments than winning a championship.

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When you take out a mortgage loan, you run into a lot of closing costs, and few are optional. Most lenders, however, will give you the option to buy mortgage discount points, which can lower your interest rate. You may also get the chance to receive a negative point credit, though this will raise your interest rate.

Here's the lowdown on what mortgage points are, how they work and when you should and shouldn't use them.

What are mortgage points?

A mortgage point can be either positive or negative, though positive points are much more common. Buying a positive, or discount, point or receiving a negative point changes your mortgage interest rate. Each kind of point costs 1% of your mortgage loan amount. For example, if you have a $100,000 mortgage, you'd pay $1,000 for one discount point.

How do discount points work?

A discount point is essentially prepaid interest: You pay an upfront fee to lower the interest rate on your mortgage. Because purchasing points lowers your interest rate, buying them is often known as "buying down the rate."

Discount points may be tax-deductible if the purchase is for your primary residence. Before buying points, you should have your lender give you an estimate for both scenarios - your mortgage closing costs if you buy points and if you don't - says Ann Thompson, a divisional sales executive at Bank of America. She recommends then taking these two estimates to your tax professional to learn if points are tax-deductible for you and how each option would affect your overall tax situation.

" MORE: Determine whether you should buy mortgage points with our calculator

How do negative points work?

Negative points, sometimes called rebate points, are different: The lender offers to give you a credit by paying some of your fees in exchange for a higher interest rate.

This is sometimes called a no-cost mortgage. Negative points can be paid either to a broker as part of his or her compensation or to the borrower to cover closing costs. When a lender offers you negative points, it is effectively saying it'll cover some of your mortgage fees and charge you a higher interest rate in return.

The credit from negative points cannot exceed the mortgage closing costs, and these points can't be used as part of a down payment. Thompson says points can be used to cover some nonrecurring closing costs, such as bank and title fees, but they can't cover recurring fees like interest or property tax.

Why would you willingly take a higher interest rate? If you're short on money needed for closing costs, "you may want to pay a little bit more in interest over the life of the loan to have some of that covered," Thompson says. Another reason might be if you want to hang onto some cash for improvements before you move in and can afford a higher monthly payment.

How much is a point worth?

There's no set amount for how much a point will lower or increase your rate, Thompson says. It varies by the type of loan, the lender and prevailing rates, since mortgage rates fluctuate daily.

On the day of the interview with Thompson, June 5, buying a point on a fixed-rate loan lowered the rate by a quarter of a percentage point. On an adjustable-rate mortgage, the rate would drop three-eighths of a percentage point.

At Guaranteed Rate, a national lender, the savings are similar: Buying one point will typically lower your rate a quarter, or perhaps three-eighths, of a percentage point, says Dan Gjeldum, senior vice president of mortgage lending.

When should you buy points?

Deciding whether to buy mortgage discount points is always a case-by-case decision, though it typically comes down to two factors: time and money. How long will you stay in the house, and how much can you afford to pay to close your mortgage?

The key factor is how long you think you'll stay in the home. Then you can calculate at what point you'll break even on the cost of the points ( use our calculator here for a personalized recommendation on whether to buy points).

"I don't personally ever encourage paying points simply because of the fact that it does take so long to make it up, especially for a first-time home buyer," Gjeldum says. While it can make financial sense for some, first-time home buyers generally don't hold the mortgage long enough to make up the upfront expense, he says.

That money may be better spent on improvements like paint, landscaping or new carpets, he adds.

It may make sense to buy points when you're purchasing a long-term investment property or a home you plan to hold for many years, Thompson says, since you'll reap savings after breaking even.

Here's an example from Thompson to help demonstrate how long it can take to benefit from buying a point. Say you're taking out a $400,000 loan. Since one point equals 1% of the loan, buying one discount point would cost you $4,000. So first, decide whether you can afford to pay that $4,000 on top of your existing closing costs.

Based on mortgage rates the day she was interviewed, Thompson said buying a point would save you roughly $57 a month on your mortgage bill. By dividing the cost of the point ($4,000) by the monthly cost ($57), you determine how many months it would take you to make up the cost of buying the point. In this example, it's about 70 months, or almost six years.

That means if you planned to stay in the home for six years, you'd break even, and any longer than that, you'd save money. But if you moved out before then, you'd have lost money.

Gjeldum says buying points makes sense if the seller is willing to pay for it. Gjeldum and Thompson both say that if an employer is relocating you for work and offering to pay points to buy down your interest rate, it could also be worthwhile since you're not the one shelling out money.

But don't stress. We've broken down what you'll have to pay - property taxes, mortgage insurance, title search fees and more. Closing costs will make more sense once you understand what they cover, and how they protect the biggest investment you'll likely make in your lifetime.

The total you'll pay can vary greatly according to your home's purchase price. The average homebuyer will pay between about 2% and 5% of the loan amount in closing fees.

Your lender is required to outline your closing costs in the Loan Estimate and this Closing Disclosure you receive before the big settlement day. Take the time to review them closely and ask questions about things you don't understand.

Here's a closer look at the closing costs you'll face.

" MORE: Calculate your expected closing costs or mortgage payments with taxes and insurance

Property-related fees

Appraisal fee: It's important to a lender to know if the property is worth as much as the amount being borrowed. This is for two reasons: The bank needs to verify that the amount you need for a loan is justified, and the bank also wants to make sure it can recoup the value of the home if you default on your loan. The average cost of a home appraisal by a certified professional appraiser ranges between $300 and $400.

Home inspection: Most lenders require a home inspection, especially if you're getting a government-insured mortgage. Before lending you hundreds of thousands of dollars, a bank needs to make sure the home is structurally sound and in good enough shape to live in. If the inspection turns up troubling results, you may be able to negotiate a lower sale price. But depending on how severe the problems are, you have the option to back out of your contract if you and the seller can't come to an agreement on how to fix the issues. Home inspection fees, on average, range from $300 to $500.

Loan-related fees

Application fee: This covers the cost of processing your request for a new loan and includes costs such as credit checks and administrative expenses. The application fee varies depending on the lender and the amount of work it takes to process your loan application.

Assumption fee: If you take over ("assume") the remaining balance of the seller's mortgage, you may be charged a variable fee based on the balance.

Attorney's fees: A number of states require an attorney to be present at the closing of a real estate purchase. Depending on how many hours the attorney works your case, the fee can vary dramatically.

Prepaid interest: Most lenders require buyers to pay the interest that accrues on the mortgage between the date of settlement and the first monthly payment due date, so be prepared to pay that amount at closing; it will depend on your loan size.

Loan origination fee: This is a big one. It's also known as an underwriting fee, administrative fee or processing fee. The loan origination fee is a charge by the lender for evaluating and preparing your mortgage loan. This can cover document preparation, notary fees and the lender's attorney fees. Expect to pay about 1% of the amount you're borrowing (a $300,000 loan, for example, would result in a loan origination fee of $3,000).

Points: By paying points, you reduce the interest rate you pay over the life of your loan, which results in more competitive mortgage rates. One point equals 1% of the loan amount. So if the loan were $500,000, a 1-point payment would be $5,000. Generally, paying points is worthwhile only if you plan to stay in the home for a long time. Otherwise, the upfront cost isn't worth it.

Mortgage broker fee: If you work with a mortgage broker to find a loan, the broker will usually charge a commission as a percentage of the loan amount. The commission averages from 1% to 2% of the home's purchase price.

Mortgage insurance fees

Mortgage insurance application fee: If you put less than 20% down, you may have to get private mortgage insurance. (PMI insures the lender in case you default; it doesn't insure the home.) The application fee varies by lender.

Upfront mortgage insurance: Some lenders require borrowers to pay the first year's mortgage insurance premium upfront, while others ask for a lump-sum payment that covers the life of the loan. Expect to pay from 0.55% to 2.25% of the purchase price for mortgage insurance, according to Genworth and the Urban Institute.

FHA, VA and USDA fees: If your loan is insured by the Federal Housing Administration, you'll have to pay FHA mortgage insurance premiums; if it's insured by the Department of Veterans Affairs or the U.S. Department of Agriculture, you'll pay guarantee fees. FHA insurance premiums are about 1.75% of the loan amount, while USDA loan guarantee fees are 2%. VA loan guarantee fees range from 1.25% to 3.3% of the loan amount, depending on the size of your down payment.

Property taxes and insurance

Annual assessments: If your condo or homeowner's association requires an annual fee, you might have to pay it upfront in one lump sum.

Homeowner's insurance premium: Usually, your lender requires that you purchase homeowner's insurance before settlement, which covers the property in case of vandalism, damage and so on. Some condo associations include insurance in the monthly condo fee. The amount varies depending on where you live, your home's value, and whether it's in a potential disaster area (such as a flood plain or earthquake zone).

Property taxes: Buyers typically pay two months' worth of city and county property taxes at closing.

Title fees

Title search fee: A title search is conducted to ensure that the person selling the house actually owns it and that there are no outstanding claims or liens against the property. This can be fairly labor-intensive, especially if the real estate records aren't computerized. Title search fees are about $200, but can vary among title companies by region.

Lender's title insurance: Most lenders require what's called a loan policy; it protects them in case there's an error in the title search and someone makes a claim of ownership on the property after it's sold.

Owner's title insurance: You should also consider purchasing title insurance to protect yourself in case title problems or claims are made on your home after closing.

More from NerdWallet:
Get preapproved for your mortgage
Mortgage points calculator
Compare mortgage rates now

Emily Starbuck Crone is a staff writer at NerdWallet, a personal finance website. Email: emily.crone@nerdwallet.com. Updated June 12, 2017

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Mortgage Discount Points: What You Need to Know - NerdWallet

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When you take out a mortgage loan, you run into a lot of closing costs, and few are optional. Most lenders, however, will give you the option to buy mortgage discount points, which can lower your interest rate. You may also get the chance to receive a negative point credit, though this will raise your interest rate.

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What wizardry is this that shows you all the results of your monthly payments?
WOW!
Turns out - it's not that hard.

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Balloons aren't always beautiful, and interest-only mortgages come with some balloons attached. It may or may not be a good idea - as with a lot of home-buying decisions, it depends.

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Not everyone can make an interest only loan work. It is important that the borrower do research to see if such a loan is right for their particular situation. If the borrower finds that the interest only mortgage is not right, then there are other options available.

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Redlining is not a term a lot of us may be familiar with, but chances are, you wouldn't be living where you are without it. That may or may not be to your advantage.

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"Did the creation of these maps actually influence the development of urban neighborhoods over the course of the 20th century to now?" said Bhash Mazumder, one of the Fed researchers, along with Daniel Aaronson and Daniel Hartley. "That was our primary question."

The economists now believe that appraisers like the one in Bedford-Stuyvesant weren't merely identifying disparities that already existed in the 1930s, and that were likely to worsen anyway. The lines they helped draw, based in large part on the belief that the presence of blacks and other minorities would undermine property values, altered what would happen in these communities for years to come. Maps alone didn't create segregated and unequal cities today. But the role they played was pivotal.

The maps became self-fulfilling prophesies, as "hazardous" neighborhoods - "redlined" ones - were starved of investment and deteriorated further in ways that most likely also fed white flight and rising racial segregation. These neighborhood classifications were later used by the Veterans Administration and the Federal Housing Administration to decide who was worthy of home loans at a time when homeownership was rapidly expanding in postwar America.

"Housing policy can have a really long-lasting impact, since structures last a long time," Mr. Hartley said.

The new research reaffirms the role of government policy in shaping racial disparities in America in access to housing, credit and wealth accumulation. And as the country grapples with the blurred lines between past racism and present-day outcomes, this new data illustrates how such history lives on.

"We now have evidence that is very systematic and nationwide that has detailed that these borders did matter," said Leah Boustan, an economic historian at Princeton familiar with the research, which she called "pathbreaking."

Historians have long pointed to the significance of the Home Owners' Loan Corporation maps. But a large collection of the 239 cities that were originally appraised was only recently digitized by a collaboration of schools and housed at the University of Richmond, making the underlying geographic data widely available.

The Chicago Fed economists used that data to identify boundaries between neighborhoods with different ratings. As of 1930, there were already clear differences along some of the borders in racial demographics and homeownership rates. Blacks were already more likely to be living in "D" neighborhoods than "C" neighborhoods, for example. But differences in the black share of the population and homeownership rates widened after the 1930s, reaching a peak in the 1970s, when federal laws requiring equal access to housing and credit took effect.

Those patterns alone don't prove that the maps caused widening gaps in segregation or homeownership. To do that, the researchers drew their own hypothetical boundaries to compare what might have happened had the Home Owners' Loan Corporation placed the lines in other locations where similar differences existed at the time. The disparities along those simulated borders didn't widen; they disappeared.

The differences the researchers detected from the maps kept reappearing whether they looked across whole neighborhoods or just at blocks adjacent to these borders. They reappeared even when the researchers looked at a subset of boundaries where the nearby demographics were barely changing before the 1930s. By analyzing the differences in several ways, the researchers say they feel confident they have picked up on effects that were actually caused by the maps.

They estimate that the maps account for 15 to 30 percent of the overall gaps in segregation and homeownership that they find between "D" and "C" neighborhoods from 1950 to 2010 (the gaps between "D" and "A" neighborhoods are clearly even wider).

People living in poorly rated neighborhoods would have had trouble obtaining mortgages for homes there, regardless of their individual creditworthiness. Other consequences most likely piled up from there.

"The availability of credit has really significant impacts on every dimension of neighborhood life, in terms of the quality of real estate, the willingness of investors to come in, the prices of property, the emergence of predatory practices," said Thomas Sugrue, a historian at New York University. "These are all direct consequences of the lack of affordable loans and affordable mortgages."

Blacks who did not have access to conventional home loans had to turn to schemes like contract sales that entailed steep interest rates (the practice is returning today in many of these same communities). Because those homes could be frequently repossessed by predatory lenders, these neighborhoods would experience more population instability.

Slumlords, too, would move in, squeezing value from subdivided rental homes that otherwise might have been owned by families. Commercial investors, meanwhile, would have stayed away. Blacks discriminated against in the housing market elsewhere would have had limited options to move away. And any existing homeowners would have struggled to obtain credit for maintenance and repairs, leading to the further deterioration of properties.

This process can be invisible to people who might look at these communities, Mr. Sugrue said, and place blame for their disrepair on residents who don't value their homes.

There would be long-term and invisible effects, too, on family wealth, as people who weren't able to buy a home never developed the equity that would allow their children (and grandchildren) to buy homes.

The black-white gap in homeownership in America has in fact changed little over the last century, according to research by Robert Margo and William Collins. That pattern helps explain why, as the income gap between the two groups has persisted, the wealth gap has widened by much more.

That these maps made a difference that's still visible today is striking.

"It doesn't surprise me at all," said Richard Rothstein, a researcher with the Economic Policy Institute who has written a new book, " The Color of Law," on how official policies like redlining fostered segregation. These maps - and their lingering effects - derive from a time when the American government, he writes, believed that "inharmonious racial groups" should be separated.

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How Redlining's Racist Effects Lasted for Decades

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"Did the creation of these maps actually influence the development of urban neighborhoods over the course of the 20th century to now?" said Bhash Mazumder, one of the Fed researchers, along with Daniel Aaronson and Daniel Hartley. "That was our primary question."

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ARM -- it's not connected to your shoulder

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ARM -- it's not connected to your shoulder

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An adjustable rate mortgage just means that the interest rate changes. It sounds appealing because usually they'll start out with a lower interest rate. But, then the rate gets adjusted -- well, jump to the 9:00 mark on this Khan Academy video.

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Mortgage Interest Rates | Housing | Finance & Capital Markets | Khan Academy

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Who doesn't want easy access to more money? And "everyone" knows that houses are the best sources of equity ever, right?
Hold up there. If you want to keep your house, be really careful using it as collateral.

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Collateral is property that you pledge as a guarantee that you will repay a debt. If you don't repay the debt, the lender can take your collateral and sell it to get its money back. With a home equity loan or line of credit, you pledge your home as collateral. You can lose the home and be forced to move out if you don't repay the debt.

is the difference between how much the home is worth and how much you owe on the mortgage (or mortgages, if you have a home equity loan or line of credit).

Example 1

Let's say you buy a house for $200,000. You make a down payment of $20,000 and borrow $180,000. The day you buy the house, your equity is the same as the down payment ($20,000):

$200,000 (home's purchase price) - $180,000 (amount owed) = $20,000 (equity)

Fast forward 5 years. You have been making your monthly payments faithfully and have paid down $13,000 of the mortgage debt, so you owe $167,000. During the same time, the value of the house has increased. Now it is worth $300,000. Your equity is $133,000:

$300,000 (home's current appraised value) - $167,000 (amount owed) = $133,000 (equity)

Example 2

In the housing meltdown that began in 2006, many homes lost equity rather than gained it. Instead of increasing, the value of the house dropped after the home was purchased. In many instances, a home equity loan would not be available.

Using the above example, let's say you buy a house for $200,000. You make a down payment of $20,000 and borrow $180,000. During the next 5 years, you paid down $13,000 of your mortgage debt.

As home prices fell and homes in your neighborhood went into foreclosure, your home's value dropped by 30% (or $54,000) to $126,000. Because the value of your home is less than the amount you owe, you have $41,000 in negative equity and would not be eligible for a home equity loan.

A home equity loan (or line of credit) is a second mortgage that lets you turn equity into cash, allowing you to spend it on home improvements, debt consolidation, college education or other expenses.

Equity loans and lines of credit defined

There are 2 types of home equity debt: home equity loans and home equity lines of credit, also known as HELOCs. Both are sometimes referred to as second mortgages, because they are secured by your property, just like the original (or primary) mortgage.

Home equity loans and lines of credit usually are repaid in a shorter period than first mortgages. Most commonly, mortgages are set up to be repaid over 30 years. Equity loans and lines of credit often have a repayment period of 15 years, although it might be as short as 5 and as long as 30 years.

A home equity loan is a one-time lump sum that is paid off over a set amount of time, with a fixed-interest rate and the same payments each month. Once you get the money, you cannot borrow further from the loan.

RATE SEARCH: If you're thinking about getting a home equity loan, let Bankrate help you find the best rates today!

A home equity line of credit, or HELOC, works more like a credit card because it has a revolving balance. A HELOC allows you to borrow up to a certain amount for the life of the loan -- a time limit set by the lender. During that time, you can withdraw money as you need it. As you pay off the principal, you can use the credit again.

Example

Let's say you have a $10,000 line of credit. You borrow $5,000 to pay for new kitchen cabinets. At that point, you owe the $5,000 you borrowed, and you have $5,000 remaining in your credit line, meaning that you could borrow another $5,000.

Instead of borrowing more from the line of credit, you pay back $3,000. At this point, you still owe $2,000, and you have $8,000 in available credit.

A HELOC gives you more flexibility than a fixed-rate home equity loan. It also is possible to remain in debt with a home equity loan, paying only interest and not paying down principal.

A line of credit has a variable-interest rate that fluctuates over the life of the loan. Payments vary depending on the interest rate, the amount owed and whether the credit line is in the draw period or the repayment period.

During the equity line's draw period, you can borrow against it and the minimum monthly payments cover only the interest, although you can elect to pay principal.

During the repayment period, you can't add new debt and must repay the balance over the remaining life of the loan.

The draw period often is 5 or 10 years, and the repayment period typically is 10 or 15 years. Those are generalizations; each lender can set its own draw and repayment periods. Lenders have been known to have draw periods of 9 years, 6 months, and repayment periods of 20 years.

RATE SEARCH: Thinking about getting a home equity loan? Go to Bankrate.com to get the best rates now.

A line of credit is accessed by check, credit card or electronic transfer (ordered by phone). Lenders often require you to take an initial advance when:

1. You set up the loan.

2. Withdraw a minimum amount each time you dip into it.

3. Keep a minimum amount outstanding.

With either a home equity loan or a line of credit, you have to pay off the balance when you sell the house.

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Home Equity - What Is a Home Equity Loan? | Bankrate.com

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Collateral is property that you pledge as a guarantee that you will repay a debt. If you don't repay the debt, the lender can take your collateral and sell it to get its money back. With a home equity loan or line of credit, you pledge your home as collateral.

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When the owner owes more than the house is worth, she's "upside down." (Possible causes? Home equity loans....) Being upside-down is one of the main motivators for short-sales.

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"For many years, my wife, Kathleen, and I have been pretty much ignoring the fact that we have an upside down house, and we don't know what to do with it. For that reason -- and because we don't want to ruin our credit rating -- we've been hanging on to our upside down house. However, my wife just lost her job, so we have to make a decision now and deal with this. What options are available to us?

What should we do with our upside down house?"

When housing prices first began to decline in 2005, many homeowners rushed to dump an upside down house. But many more held on. These homeowners, like you, watched their home prices collapse and some, I bet, have felt like the last captain standing on a sinking ship. The good news is there are many options available to you.

The Best Option for an Upside Down House

The very best solution for that upside down house is to turn it right side up again. The way to do that is through a principal reduction program. The problem with a principal reduction program is your bank would have to forget about that portion of the debt that is underwater, and not every bank will do this. In fact, very few banks will forgive debt in that manner. But you should ask your bank to do it.

You might ask why won't more banks participate in a principal reduction? Your bank is probably willing to do a short sale, which involves forgiving the debt.

Why won't the bank forgive the debt for YOU, a borrower who has made payments on time each and every month and is in good standing with the bank? Why are you penalized? And those would be excellent questions to ask your bank. They are also excellent questions to pose to Congress.

The Loan Modification Solution to an Upside Down House

Some sellers do not care that they will owe more than their homes are worth for years and years.

To these sellers, the mortgage balance is meaningless in comparison to the devotion they feel toward the home. They do not want to move under any circumstances. They are very happy if the lender will just lower their monthly payment through a loan modification.

These types of sellers are typically employed, and they can afford their payments, but their mortgage payments often make up more than 1/3 of their gross monthly income. If they can pay less than that, they are satisfied.

The Refinance Solution to an Upside Down House

The previous HARP program was pretty much a failure, so the government has modified its HARP refinance program. It is offered only for existing Fannie Mae and Freddie Mac loans. Most of the borrowers who apply for this program do so because they want to keep their home and they want a lower monthly payment, in addition to a lower interest rate.

The main drawback is this program does not reduce the principal balance. It's similar to putting a gun to a borrower's head and not pulling the trigger for a while.

The Walk Away Solution to an Upside Down House

I suspect every person who works with distressed homeowners has touched the fire. Homeowners are angry. They start out in pain, but that can quickly develop into hostility after they try to work within any given bank's convoluted system.

It's these frustrated and angry homeowners who tend to stop making mortgage payments and thumb their noses -- baring for the camera whatever they feel brave enough to bare -- and finally send the home to foreclosure.

They think they are "sticking it to the man," but often they end up hurting themselves. There are better choices than foreclosure for a home owner.

The Give The House Back Solution to an Upside Down House

Nobody can give a house back to the bank because the bank didn't own the house in the first place. It is a misnomer. The bank does not take back a house. A bank might seize a home in foreclosure, but it doesn't take it back.

Banks will sometimes offer to let the owner deed the property to the bank. It is called a deed-in-lieu of foreclosure. It is often in the bank's interest and rarely in the owner's interest.

If your goal is to stick it to the man, do not sign a deed in lieu.

The Short Sale Solution to an Upside Down House

From a purely financial point of view, a short sale is your second best option, right next to a principal reduction. Because it gets rid of the mortgage debt. In some short sales such as a California short sale, the process will free a seller from the obligation and liability.

There are many different types of short sales. To find out which is best for you, talk to an experienced short sale agent. Not every short sale is the same, and a slight twist made by an experienced agent can mean the difference between getting cash for a short sale vs. having your short sale rejected.
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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What Should You Do With Your Upside Down House?

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"For many years, my wife, Kathleen, and I have been pretty much ignoring the fact that we have an upside down house, and we don't know what to do with it. For that reason -- and because we don't want to ruin our credit rating -- we've been hanging on to our upside down house.

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Hundreds of years ago in France, a poor snail was minding his own business when ... Uh.... wait... that can't be right.....

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House payments all have PITI -- Principal, Interest, Taxes, and Insurance. Escrow holds the part of the payment for taxes and insurance, and pays them when they're due.

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How the escrow process works when buying a home in California. Great information for first-time homebuyers and real estate agents. Call Brian to get more information on how they work. 714-619-5609 or bkimball@WaterstoneMortgage.com http://www.brian4homeloans.com Brian Kimball NMLS ID# 237105 How does escrow work? What is escrow? How can I buy a home?

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Zillow would know about foreclosures...

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In the United States, individual states follow either a judicial or non-judicial foreclosure process, typically depending upon whether they are mortgage or deed of trust states. However, you may safely assume that all states allow some form of judicial foreclosure process.

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There are a lot of people involved in home buying besides the buyer and seller. Usually, there are real estate agents, at least. If it's FSBO (for sale by owner) then likely someone has hired a lawyer. And, chances are the buyer wants to make sure the house is sound, so there's probably been a home inspection done. AND, there's a lot of paperwork to be signed. While paper-pushing might sound like an easy, lazy job, paper-pushers get paid the big (or middle-sized) bucks they do because they know which papers to push, and where to push them.
Closing costs pay for those extra expenses incurred in buying and selling a house.