Buying Points On A Loan

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There’s a direct relationship between mortgage rates and fees, meaning that you can elect to pay higher fees for a lower rate. This is known as "buying your rate down" or "paying points." Let’s review these terms, and discuss how to understand loan quotes, and how to know when buying a rate down actually benefits you. Rate quote basics

Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called "buying down the rate," which can lower your monthly mortgage payments. One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000).

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Should You Pay Points? Mortgage Discounts Demystified | US News – Buying discount points will save you money only if you make payments on the loan for long enough to reach the break-even point. In its most simplistic form, the break-even point is when the total amount of money you have saved through a reduced interest rate is equal to the amount you paid upfront for discount points.

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The cost of each point is equal to one percent of the loan amount. For instance, for a $100,000 loan, one discount point equals ,000. Paying for points lowers your interest rate, because the lender receives the income in a lump sum at closing rather than collecting the interest as you make payments on your loan.