All Posts Tagged With: "point"
How To Read The New Good Faith Estimate Forms
Starting January 1, 2010 HUD will require lenders to use a new Good Faith Estimate form or GFE. This is important because whether you buy a mansion or a cottage, you want to know how much your mortgage is going to cost — not just the interest rate but all the fees and charges you’ll [...]
2Nov2009 | Peter G. Miller | 1 comment | Continued
What’s A Mortgage “Point?”
A “point” or “loan discount fee” is equal to 1 percent of the loan amount. For example, if you are borrowing $100,000, you would pay $1,000 per point, or $2,000 for 2 points. This money must be paid or credited at closing.
In general terms, more points mean a lower interest rate, fewer points can mean [...]
© Copyright 