Homebuyers could soon save around $1,000 on their closing costs thanks to a new plan by a government-backed mortgage lender.Fannie Mae confirmed that it will now allow buyers to replace expensive title insurance with a lower-cost alternative. The insurance is a one-off fee that protects lenders and buyers from losses incurred if there is a mistake with a property's title deed.Going forward they can use an 'Attorney Opinion Letter' (AOL) which allows a real estate attorney to confirm there are no problems with a property's title. An AOL is on average $1,000 cheaper than title insurance, Fannie Mae said.
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