Monthly archive for April 2017

Mortgage 101 – The truth about buying down your interest rate

Mortgage 101

Buying down your interest rate is also known as “discount points.” In this topic, I will discuss what a discount point is, an example of what it does and how to do the math to see if it makes sense for you.

Discount points lower your interest rate and payment for an upfront cost. The cost of one discount point is 1% of the loan amount and this will generally lower your interest rate about .25%. You can buy down the rate as much as two discount points on most mortgages.  Read more

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