what do points mean on a mortgage loan

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The longer you plan to keep your new loan, the more it makes sense to add points to lower the interest rate. Let’s say you take four points for a cost of $4,000 in prepaid interest points on your $100,000 mortgage refinance, and this lowers the loan rate from 7.5 percent to 7 percent. The lower interest will save you $60.50 a month.

Mortgage Points Explained | Sapling.com – September 22, 2009. mortgage points are a fee that is paid when you take out the loan. You may be required to pay a number of points as an origination fee, as closing costs, or as part of the down payment. Knowing which points are optional and if you should choose to pay them can save you thousands of dollars over the life of the loan.

Sometimes this is called “buying down” your mortgage rate, because paying for points when closing on a loan reduces your mortgage rate for.

When Should You Pay Points on a Mortgage? – SmartAsset – SmartAsset explains when it makes sense to pay mortgage points.. A mortgage point (also called an origination fee) is 1% of the loan amount paid upfront. Many lenders. This would lower your payments going forward.

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How to tell if mortgage points are worth the cost – Interest.com – Borrowers get a lower rate for paying discount mortgage points because they're. point means you'll actually wind up paying extra interest on the loan.. "Do you want the seller to reduce your monthly payment by $20 for the.

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