Mortgage Points: How They Can Save You Money
AuthorReal Estate Experts. Date:
Mortgage points are one of the many ways that you can save money on your mortgage. By paying a certain number of points, you can get a lower interest rate on your loan. This can save you a lot of money in the long run, especially if you plan to stay in your home for a long time. In this article, we’ll take a look at how mortgage points work and how they can save you money. What are Points on a Loan? Mortgage points are a type of loan discount. They’re also called “discount points,” “rate buydown,” or simply “points.” One point equals one percent of your loan amount. The more points you pay, the lower your interest rate will be. This is because you’re essentially paying for a lower rate upfront. The amount of money you save with each point depends on your interest rate and loan term. … Continued
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