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Many buyers are perplexed by the concept of points. While some lenders abuse points and use them to overcharge uneducated buyers, the concept of paying points to buy down the interest rate for the purpose of saving money is hardly predatory. Some loans may require at least one point to be paid because of reasons such as high risk factors or low loan amounts (or both), but most buyers with excellent credit who are purchasing a primary residence have the option of paying points to obtain a lower interest rate, which could save thousands of dollars depending on how long a buyer keeps the home. … (4 comments)
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