We’re going to spend the rest of this post discussing discount points. What paying mortgage points can do for you. 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.
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So if you started with an interest rate of 6.5 percent, and you paid a mortgage point to reduce it, you could end up with a revised rate of 6.375 percent. As a borrower, you must know exactly how much your rate will be reduced for paying mortgage points.
a 30 year fixed FHA rate is currently about 6.5% for 0 total points. To give you some perspective, if you paid 3 points your rate would be 5.75%. in this case you buy down your rate .25% for every point you are willing to pay.
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Buying a positive, or discount, point or receiving a negative point changes your mortgage interest rate . Each kind of point costs 1% of your mortgage loan amount. For example, if you have a $100,000 mortgage, you’d pay $1,000 for one discount point.
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Mortgage applicants pay lenders fees for discount points. lenders offer discount points to applicants as a way to lower their mortgage interest rate.While buying points sometimes lower interest rates, many times, the purchase costs you more than it saves.
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Based on mortgage rates the day she was interviewed, Thompson said buying a point would save you roughly $57 a month on your mortgage bill. By dividing the cost of the point ($4,000) by the monthly cost ($57), you determine how many months it would take you to make up the cost of buying the point.
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