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Buying Points To Lower Interest Rate

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Should You Buy Mortgage Points to Lower Your Interest Rate? – Called discount points by mortgage brokers and lenders, this tactic is like an upfront payment for a lower interest rate, and one point is 1% of the loan amount.

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How much a discount point will reduce your rate varies from lender to lender, but is often between one-eighth to one-quarter of a percent. So buying one point might reduce a 5 percent rate to 4.875 percent or 4.75 percent, for example. You can buy multiple points, fractions of a point and even negative points (more on that later).

Mortgage points are a form of prepaid interest. One point equals one percent of the loan amount. By paying this amount at closing, you could secure a lower interest rate on your loan. But the rate reduction alone does not justify using the strategy. You will need to keep the mortgage for a certain period of time to recoup your expense.

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