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Points on mortgage rates?
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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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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?
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Posted 8/2/08 3:06 PM  |
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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:
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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.
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| Posted 8/2/08 3:20 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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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.
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| Posted 8/2/08 4:26 PM |
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Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
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Re: Points on mortgage rates?
Message edited 1/30/2009 3:12:48 PM.
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| Posted 8/2/08 10:27 PM |
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