Even before you begin shopping for a home, you will probably find yourself shopping for a mortgage. You know to compare interest rates and terms, but may not know it can be just as important to inquire about mortgage loan points. Mortgage points are a fee you as the borrower may be required — or may opt — to pay your lender at the time your loan closes. It’s important to know how they work because the interest rate you are quoted may be dependent on paying points for the mortgage. So, finding out if home loan points are included in your loan is imperative if you are going to make an apples-to-apples comparison of loans from different lenders. Learn how paying points on your mortgage loan can alter monthly payments and help you save money in the long run. For the full story on this topic, visit our sister site, Living on the Cheap. It may save you big bucks!
Leave a Reply