They may come back and tell you that it will cost one mortgage point to buy down.. If you tell the loan officer or mortgage broker that you're willing to pay 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 $1,000. 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.
Bankrate.com provides a FREE mortgage points calculator and other mortgage points calculators to help consumers decide if they should buy points to reduce the interest rate.
Should you pay points when obtaining a mortgage? – Have you applied for a mortgage loan lately? If so, did your lender ask if you’d like to pay discount points? paying points? Who likes to pay? Well, you might if you’re convinced that you’ll receive.
In the examples shown in the table above financing the points would take the break even point from 49 months to 121 months for the loan with 1 point & 120 months for the loan with 2 points. Living in the same home for over 4 years is common, so buying points which break even in 4 years is not a bad idea.
Lenders call this “buying down” the rate. A lower interest rate means lower monthly payments. A point is the equivalent of 1 percent of the loan.
Take the time to understand how mortgage points work and you can save a bundle on your mortgage over the course of your loan. It’s no surprise that mortgage loan points are often not fully understood by buyers. After saving up for a down payment and adding in closing costs and other fees, shelling out a few more thousand dollars for mortgage points doesn’t seem worth it.
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