Points are one type of fee paid at closing by you to your mortgage lender. There are two types of points: Origination Points and Discount Points. Each point equals 1% of your loan amount. For example, 1 point on a $100,000 loan would cost $1,000.
What is the difference between Origination Points and Discount Points?
They differ in where they are applied. Origination points are charged to recover some costs of the loan origination process. Typically, your Loan Officer's compensation is based on the Origination point(s).
Discount Points are used to "buy" your interest rate lower. This is known as a rate "buydown." A general rule of thumb is that one full Discount Point will lower your fixed interest rate .250% or your adjustable rate .375%. These points lower the interest rate for the entire term of the loan. There is usually some flexibility by the lending institution in determining the actual buydown formula, but less than with Origination Point(s).
The general rule is that the longer you plan to own the home, the more you might benefit from buying points, because you would realize more interest savings over the life of the loan. When you consider whether points will be right for you, it helps to run the numbers.
Elva A. Wormley
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
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Your granddaughters would have to be over 18 years old to be able to live with you at Heritage Village. However, there are two non-age restricted condo's called Heritage Crest and Heritage Circle and you'd be able to have them live with you there. Hope that helps!
You can have comparable market price opinion completed by a experienced prifessional who will use comparable prices to estimate the value, but only a licensd appraiser can state the value on the day they sign the report. The value can change if the market changes due to a variety of conditions including supply, buyer pool population, and lending terms. (c)2013David Carr... more
Try contacting the Town or County community development or public relations office. Many times they maintain lists of condominiums associations or home owner associations (HOAs) for public relations outreach. Often the planning and zoning development may perform this function as they need to be able to notify a condominium association or HOA in the case of a rezoning or land use issue.... more