LIFamilies.com - Long Island, NY


RSS
Articles Business Directory Blog Real Estate Community Forum Shop My Family Contests

Log In Chat Index Search Rules Lingo Create Account

Quick navigation:   

Points on mortgage rates?

Posted By Message

julybride0706
LIF Adult

Member since 3/07

1376 total posts

Name:
kaitlyn

Points on mortgage rates?

can someone explain what exactly is that for? i think i;ve heard you pay certain money upfront to have a lower rate? what are the advantage and disadvantage of that?

Posted 8/2/08 3:06 PM
 
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource
  |   Long Island Weddings

ali120206
2 Boys

Member since 7/06

17790 total posts

Name:

Re: Points on mortgage rates?

Paying points lowers the interest rate on your mortgage.

It's only worth it if you don't plan on selling or refinancing for five years.

Posted 8/2/08 3:20 PM
 

Blazesyth
*yawn*

Member since 5/05

8129 total posts

Name:

Re: Points on mortgage rates?

Posted by ali120206

It's only worth it if you don't plan on selling or refinancing for five years.



The amount of years is variable based upon how many points you buy, what the initial rate is, how much your loan is, etc.

As with everything, you need to figure out your own situation with your own numbers to see if its worthwhile.

Posted 8/2/08 4:26 PM
 

Kelly9904
Mommy to 2 amazing little boys

Member since 5/05

9306 total posts

Name:
Kelly

Re: Points on mortgage rates?

Message edited 1/30/2009 3:12:48 PM.

Posted 8/2/08 10:27 PM
 
 

Potentially Related Topics:

Topic Posted By Started Replies Forum
Mortgage Rates turkeybaby 2/5/07 4 Home
Mortgage rates.... Mrs. Patticakes 1/25/07 6 Home
Mortgage Rates Have Dropped And... bikramaddict 12/12/06 3 Home
POLL: Mortgage Rates bikramaddict 12/11/06 17 Home
Mortgage rates rise for 3rd straight week SweetestOfPeas 6/29/06 0 Home
Mortgage rates: up or down? MommaG 6/23/06 2 Home
 
Quick navigation:   
Currently 43512 users on the LIFamilies.com Chat
New Businesses
1 More Rep
Carleton Hall of East Islip
J&A Building Services
LaraMae Health Coaching
Sonic Wellness
Julbaby Photography LLC
Ideal Uniforms
Teresa Geraghty Photography
Camelot Dream Homes
Long Island Wedding Boutique
MB Febus- Rodan & Fields
Camp Harbor
Market America-Shop.com
ACM Basement Waterproofing
Travel Tom

      Follow LIWeddings on Facebook

      Follow LIFamilies on Twitter
Long Island Bridal Shows