September 22, 2009. Mortgage points are a fee that is paid when you take out the loan. You may be required to pay a number of points as an origination fee, as closing costs, or as part of the down payment. Knowing which points are optional and if you should choose to pay them can save you thousands of dollars over the life of the loan.
Discount points are prepaid interest on the mortgage loan. For every point, your mortgage rate drops down (usually .25%). Typically, borrowers can pay between 0 and 4 points. And because the Annual Percentage Rate is the total cost (mortgage rate + fees) of your mortgage, lowering your mortgage rate translates into a lower APR.
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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?
Discount points are a one-time, upfront mortgage closing cost which give a mortgage borrower access to "discounted" mortgage rates as compared to the market. When discount points are paid, the.
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