orgination points: An Overview Of Mortgage Points
- 01/10/22 08:15 AM
There is a lot of terminologies involved in the mortgage application process, and one common term people come across is a mortgage point. What exactly is a mortgage point, and how might impact the price of the loan?
What Is A Point?
Points represent fees due at signing. Some lenders charge points while others do not. In some cases, applicants are given the option to pay points in exchange for a rate reduction. A single point is the equivalent of one percent of the loan's value. If the home loan is $200,000, then a single point is $2,000.
Origination Points And Discount Points
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There is a lot of terminologies involved in the mortgage application process, and one common term people come across is a mortgage point. What exactly is a mortgage point, and how might impact the price of the loan?
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