Discount points are one of the more confusing aspects of the mortgage process for many borrowers. They’re fees that are specifically used to buy down your interest rate. They’re sometimes called a "discount fee" or "mortgage rate buydown" on settlement statements.
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Does buying down your rate make sense? To determine whether buying down your rate (aka paying points) makes sense, you have to calculate how long it takes your monthly interest cost savings to repay the cost of the points. In this example, $3,000 in points gives you monthly interest cost savings of $62.50.
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In exchange for a payment today, your lender will reduce the interest rate on your debt. This is sometimes called "buying down the rate" on your loan because you’re effectively purchasing a lower rate. To be more precise, you might say that you’re paying interest early, and your lender.
Compare mortgage rates in your area. Walters says buying points gives people options and likens it to a car lease. With a car lease, you can put no money down and pay more each month, or make a.
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In mortgage terms, buying down your interest rate is also called paying "discount points." Lenders typically offer mortgage programs with different interest rates andat varying costs. Borrowers can choose loans with higher rates and lower costs,or they can pay discount points to get a lower rate.
You might investigate a buy-down mortgage if you don’t quite meet lender income requirements. homebuyers who choose the buy-down option pay lower interest rates on home loans and lower monthly payments. Builders and home-sellers offer buy-down options, usually on fixes-rate loans, to qualify more buyers for loans and.
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