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Paying Points On A Loan

A distinct advantage of using your VA loan is that you may not have to pay some of the additional fees normally paid at closing.

How Paying Mortgage Points Works. A mortgage point or discount point is equal to one percent of your loan amount. That’s $4,000 for a $400,000 mortgage.

As well, because home prices and loan amounts were lower, even paying two points on an $80,000 loan meant a cash fee of only $1,600; today, though, two points on a $500,000 loan means ten grand in cash, up front.

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Paying points can also help you get a bigger mortgage with the same level of income. That might let you buy a bigger, more desirable home in a neighborhood with better schools. All else being equal, paying one point with a $100,000 annual income would let you borrow an additional $7,875 in our example.

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Mortgage points come in two varieties: origination points and discount points. In both cases, each point is typically equal to 1% of the total amount mortgaged. On a $300,000 home loan, for.

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Why Pay Points on a Mortgage? – Mortgage Professor – Points are fees the borrower pays the lender at the time the loan is closed, expressed as a percent of the loan. On a $100,000 loan, 3 points means a payment of $3,000. Points are part of the cost of credit to the borrower, and part of the investment return to the lender.

The cost of each point is equal to one percent of the loan amount. For instance, for a $100,000 loan, one discount point equals $1,000. Paying for points lowers your interest rate, because the lender receives the income in a lump sum at closing rather than collecting the interest as you make payments on your loan.

If you’re paying mortgage discount points, each point will lower your interest rate by about .125 percent for a 30 year mortgage, or by .250 percent for a 15 year mortgage. That means if you want to lower your interest rate from, say, 4.5 percent to 4.25 percent on a 30 year mortgage, you’ll need to pay two points in order to make that happen.