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Let's say, for a simple example, that your mortgage rate is 4% and you're able to get a 20% tax deduction for the interest you pay on your mortgage. Then the.
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Typically, if you plan to stay in your home five years or more, it might make sense to pay some discount points to get a lower interest rate. However, if you are planning to sell in a few years, it may make sense to trade a higher interest rate in return for paying fewer discount points.
· The reality we face is that, if a lot of people want to save and not many people want to use those savings to build new capital, savers are going to get low returns. We can move our interest rates.
Points May Make More Sense Than Higher Down Payment. The loan officer also tells you that you could buy points and that it would lower your interest rate by 0.25% for each point. At most you could buy 2 points and your interest rate would go from from 5% to 4.5%. He says that each point costs $2,500.
· Discount points, in their simplest form, are fees that give you an opportunity to lower your interest rate, which also lowers your monthly mortgage payment. In this sense, discount points serve as prepaid interest on your mortgage. The more you pay in discount points, the lower your interest rate.
Buying mortgage discount points depends on a number of factors, including when you plan to sell your home. Here’s how to decide whether to purchase mortgage points for your loan.
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Just as lenders can lower an interest rate by charging the borrower a point, the lender may also provide a credit toward a borrower’s closing costs by increasing the interest rate. determining whether or not to increase a rate to offset closing costs is decided in the very same fashion as paying points: cost vs. benefit.
Paying two points at 0.25% per point would lower the interest rate to 4.5% and drop the monthly payment to $2,027. You would also need to foot the upfront cost of $8,000 to buy those points at.