Should you divert funds from your down payment to get better terms on your monthly payments? Or should you go the opposite direction and add to your equity? How about getting cash back at closing? These are all things that you can do by adjusting the level of discount points that you agree to pay […]
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Crafting The Right Loan For You The principle here is to get prequalified with confidence but get pre-approved sparingly. The difference is that for the latter, you will have to have a hard inquiry on your credit report that adversely affects your credit score every time you do it; too many home loan inquiries could […]
Mortgage points, also referred to as ‘discount points,’ are payable at closing. Each point is charged at 1% of your mortgage loan and reduces your interest rate by a certain amount. The amount by which the rate is reduced for each point varies according to your mortgage and your lender, though an average is 0.25% […]
Mortgage points offer a means of reducing your mortgage interest rate by purchasing points upfront. Each point helps your mortgage interest rate and one point is charged at 1% of the amount of your mortgage loan. Thus, if your mortgage loan is $150,000, each point will cost you $1,500. Generally, mortgage lenders will offer you […]