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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Points
Is it worth it to buy a point?
Scott
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Posted 8/31/05 11:40 AM  |
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Prudential Douglas Elliman Real Estate
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Bebalina
<3
Member since 6/05 2922 total posts
Name:
N
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Re: Points
if i'm not mistaken i think it pays off to do so if you will be living there long term
when dh and i were doing our mortgage, we decided to pay a point... in our case it made sense.... but def have a broker go over all of the options for you
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| Posted 8/31/05 11:45 AM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Points
The broker advised us to buy a point and a half and said that it will pay off if we are there for 10 years, which we are sure we will be.....but its expensive to buy a point and a half.....not sure what we should do, because that money for the points could goto renovations of the house
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| Posted 8/31/05 11:48 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Points
Depends. On my mortgage and my refi, I fought tooth and nail for NO points. I see no point of it. If you and your spouse have good credit, then lock in and just go from there. All you are doing is giving the lender more money.
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| Posted 8/31/05 11:48 AM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Points
Posted by BrunetteMom
Depends. On my mortgage and my refi, I fought tooth and nail for NO points. I see no point of it. If you and your spouse have good credit, then lock in and just go from there. All you are doing is giving the lender more money.
Agreed!!!
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| Posted 8/31/05 12:20 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Points
We dont see the point of spending the $$$$ for a pont, but we arent sure what we should do because everyone tells us different things about points
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| Posted 8/31/05 12:21 PM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Points
You're probably getting diff answers because everyone is coming from different scenerios.
Definitely do your research and see what's best for your situation. There are definitely many variables to review before making your decision.
My husband and I both have excellent credit, so we didn't need to buy points to get a good % rate. Which is why I fought with the person at my lending institution. Luckily at the end, we won that battle.
Good luck.
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| Posted 8/31/05 12:35 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Points
Posted by danielleandscott
We dont see the point of spending the $$$$ for a pont, but we arent sure what we should do because everyone tells us different things about points
I am totally AGAINST points. If you pay points... then they become wasted if you ever want to re-fi down the road to pull equity out.
There are banks out there that will give you a good rate with zero points... you just have to look for them.
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| Posted 8/31/05 12:43 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Points
We decided against it....We arent sure if we will be in this house for 10 years and we dont want to waste the money now to lose the money then....
Thanks,
Scott
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| Posted 8/31/05 12:47 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Points
Posted by danielleandscott
We decided against it....We arent sure if we will be in this house for 10 years and we dont want to waste the money now to lose the money then....
Thanks,
Scott
You are making the wise choice. Brokers love to sell points cause I think its more money in their pocket.
Points are overrated IMO. Too many people are buying them when they shouldn't be.
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| Posted 8/31/05 12:49 PM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Points
Posted by danielleandscott
We decided against it....We arent sure if we will be in this house for 10 years and we dont want to waste the money now to lose the money then....
Thanks,
Scott
I think you made the right choice. Good luck!
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| Posted 8/31/05 12:59 PM |
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