What are Points?

Asked by Theodore Stutz, Las Vegas, NV Mon Mar 19, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
answer
, ,
Mon Mar 19, 2012
Points are pre-paid interest. Not the same as an origination fee, often confused even by Realtors and newbie loan officers. With current rates as low as they are today I rarely get asked about points to buy down the rate.
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Mar 19, 2012
A point is 1% of your mortgage amount. Some say it is prepaid interest which should lower your interest rate however it is also how the loan officer get paid so compare between a couple of companies. A good local and trusted bank or mortgage company is always a great place to start,
Web Reference:  http://www.ScottSellsNH.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more