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What do points mean?

1 point is equivalent to 1.0% of the mortgage loan. Mortgage loan borrowers can pay points in order to buy down the mortgage rates. Sometimes it is beneficial for a mortgage loan borrower to pay points to get a lower mortgage rate if they are intending on staying at their homes for a long time. If a homeowner is planning on selling their home in the near future, it may not be wise to pay points for a lower interest rate. You can use sellers concession credits to buy down mortgage rates by paying points. Here is an article on buying down rates by paying points.



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