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What are points?

April 26, 2017Points

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What are points?

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Points represent an origination fee charged by the lender and loan discount points sometimes charged on the note rate to lower the interest rate.

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Points are an amount equal to 1% of the principal amount of a mortgage loan. Discount points are a one-time charge assessed at closing by a lender to increase the yield on the mortgage loan to a competitive position with other types of investments. For example, one percent of a $100,000 loan is equal to $1,000.

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Points represent an origination fee charged by the lender and loan discount points sometimes charged on the note rate to lower the interest rate. Generally 1-2 points are charged on most loans. 24.

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One point is 1% of the amount of the loan. You can choose to pay points and have them added to your closing costs in order to obtain a lower interest rate. Again, there are trade-offs in paying points and I will help you decide whether it is a good idea for your particular situation.

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It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., “2 points” means a charge equal to 2% of the loan balance.

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