For buyers who are interested in getting the lowest monthly payment possible, paying points on your mortgage is one option to consider. The term "point" refers to 1 percent of the total mortgage loan amount. Most banks and lenders will allow buyers to lower their interest rate a particular amount for each additional point they pay at closing.

If you have the available money and plan on staying in the home for more than a few years, paying points can be a financially rewarding option. Like interest, the money paid in points at closing may be tax-deductible. Most importantly, paying points offers some breathing room with your monthly expenses.

If you are interested in learning more about mortgages, I would be glad to provide you with additional information.

Christopher Pike, Realtor®

803.727.7800