What are Discount Points?

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What are discount points? Discount points are a kind of prepaid interest that a borrower pays as an upfront fee to their lender at the time of closing. By paying discount points you pay more up front but receive a lower interest rate and therefore pay less over the life of the mortgage. In general one discount point costs 1% of the total loan amount and paying it up front can reduce your interest rate typically by 0.125% and 0.25%. So, for example, on a $100,000 dollar loan, with an available rate of 4%, one discount point would require $1000 do at closing. But your interest rate will be reduced to between 3.75% and 3.875% for the life of the mortgage. Lenders benefit from discount points by receiving cash up front instead of waiting for money in the form of interest payments over time. The exact amount that your interest rate is reduced depends on your lender, the type of loan, and current mortgage market conditions. The longer you plan to stay in your home the more sense discount points make. If you plan to relocate or refinance in the near future, paying discount points is probably not for you. #point #points #discountpoint #discountpoints #originationfee #originationfees #prepaidinterest #upfrontfee #closingcost #closingcosts #advisors #mortgage #mortgages #loan #loans FREE Real Estate tips: http://RealEstateWithAdvisorsJG.com FREE Guides: Home Buying-https://bit.ly/33UTW2K Home Selling-https://bit.ly/3mTvLuv FREE “INSTANT” HOME VALUE: http://HomeValuesWithAdvisorsJG.com PREQUALIFY for loan: https://bit.ly/2GuyvgQ APPLY for loan: https://bit.ly/2HH6cwi 732-500-6883 https://JGraff.AdvisorsMortgage.com/contact https://facebook.com/nmls1974758 FREE MORTGAGE CALCULATORS: https://JGraff.AdvisorsMortgage.com/calculators FREE current copy of my periodical eMag: "HOME LOANS NEWS": https://1drv.ms/u/s!Al3KFhVmz0hu8zVpDugzDgdYmOiv?e=RMwEP1 And FREE subscription for anyone interested in receiving it via email - just instant message me your email address - no hassle/obligation - cancel anytime - absolutely FREE! "I wrote the book on home loans...;o)" - James H. Graff FREE "beta/test" copy of my new 70+ page, pdf Ebook "HOME LOANS: LINKS to lots of FREE guides, tips, info, advice on virtually ALL current aspects of buying, selling and financing a home" FREE copy: https://1drv.ms/u/s!Al3KFhVmz0hu8zh4BHmqfOrEdO9U?e=2kbvT4 HOME LOANS James Graff NMLS# 1974758 Advisors Mortgage Group, L.L.C. NMLS# 33041 2899 Highway 35 North Hazlet N.J. 07730 In 34 states of The United States of America: AZ CA CO CN DE D.C. FL KS KY IL IN ME MD MA MI MN NJ NY NC OH OR PA RI SC SD TX VT VA WA WV Cash out refinance, debt consolidation, renovation loan, reverse mortgage, pre-qualify, pre-approval letter, FHA VA USDA HELOC HECM FNMA Fannie Mae FHLMC Freddie Mac... #mortgages #mortgage #marketupdate #refinance #homebuying #realestate #homeownership #advisors #marketupdates #homeloan #homeloans #debtconsolidate #realtor #realestateagent #agent #mortgagecalculator

Private Mortgage Insurance: https://fb.watch/4SyqC4vPu9/ via @FacebookWatch PMI, not a bad idea, allowing consumers to buy & finance a home without the enormous "cost of waiting" to save a large down payment: 5% vs. 20%

Contact me to discuss: 732.500.6883 or

https://JGraff.AdvisorsMortgage.com

https://fb.watch/4SyqC4vPu9/ via @FacebookWatch

Private Mortgage Insurance: PMI It' not a bad thing. PMI allows consumers to buy and finance a home without a large down payment. Yet, sometimes, PMI gets a bad rap, as something to be avoided at all costs. That's not the case.

PMI isn't a bad thing, it's a good thing. Instead of waiting and waiting until the savings account has the magical 20% down amount, the borrowers can put down 5% and take out a PMI policy.

The PMI pays the lender the difference between the down payment and 20%. Without PMI, the borrowers would have to sit on the sidelines for a while and potentially pay more for the home due to appreciation.

Contact me for more information: 732.500.6883 or

https://JGraff.AdvisorsMortgage.com https://fb.watch/4SyqC4vPu9/ via @FacebookWatch 

 

30 Second Market Update for the week of April 12, 2021
Home Buyer and Seller Confidence Continues to Rise!
Contact me today at 732.500.6883 or click this link to request a “personalized” rate quote and or to get started with your new home purchase or refinance.
https://jgraff.advisorsmortgage.com

#advisors #marketupdate

 

Mortgage rates are inching upwards, but they’re still significantly lower than the historic norm.
If you’ve been planning to buy a home or to refinance this spring, it’s still could be a fantastic time to do so.
Contact me today at 732.500.6883 or https://lnkd.in/dWaCRm2 for a personalized rate quote or to get started with your homebuying process.

30 Second Market Update for the week of April 5, 2021
Homes Continue to Appreciate in Value
Contact me today at 732.500.6883 or click this link to request a “personalized” rate quote and or to get started with your new home purchase or refinance.
https://lnkd.in/dWaCRm2

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