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Points On Home Loans

If you’re looking to buy your first home, and are new to the real estate game, then you’ve probably heard people discuss points, and you’re not too clear on what they are. Points are, essentially, a form of prepaid interest on your mortgage loan. A point usually equals one percent of the loan.

 · On a new home purchase, the cost of mortgage points is fully deductible within one year of closing the loan. If you finance mortgage points, they are deductible within the first year after you purchase them if what you pay in cash at closing is higher than the cost of the points themselves.

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Paying your points can also cost sellers less than reducing the price of their home. Say you want to buy a $375,000 home with 20% down. A 5% sales price reduction costs the seller $18,750. The loan amount drops to $285,000, which decreases your monthly payment to $1,361.

A Home Loan Advisor will check your credit (with your permission, of course). While this may temporarily affect your score, it helps to provide a more The APR is a measure of the cost to you for borrowing money, the APR includes your interest rate, points, fees and other charges associated with.

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