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Points

Mortgage Points are basically finance charges you pay the lender. One point equals 1% of the loan amount (for example, one point on a $100,000 loan is $1000).
 

 
 

 

 
 

When you pay "mortgage points," you are actually paying the lender interest upfront to get a lower rate on your fixed rate mortgage. The more points you pay, the lower your mortgage rate. You have to decide what is best for you depending on your own financial situation. The longer you own your home the more it makes sense to pay for points now because it will save you money in the long run having the lower interest rate.

 Most points are tax deductible. Check with your tax advisor to be sure.

 
 
 
 
       

 

 

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