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ANSWER: Mortgage points (sometimes called “discount points”) are optional fees that can be paid at closing. Buying points when you close your mortgage can lower the interest rate, which in turn lowers your monthly payment. The cost of each mortgage point is equal to 1% of your total loan.
For example, if your loan is $150,000, you may be able to purchase those mortgage points for $1,500 each at closing. Doing this is typically most beneficial for home buyers planning to live in their homes long-term as they can save thousands of dollars over the life of their loan.
Let's discuss whether buying mortgage points will be a benefit to you. We can look at how much each point will lower your interest rate and determine the breakeven on your investment to see if it makes financial sense for you.
MTG Family Mortgage is a DBA of Open Mortgage, LLC (NMLS #2975, nmlsconsumeraccess.org) is a Kansas, Missouri & Florida Licensed Mortgage Company. Lic # MC0001373-BR033. Michael Gonzales NMLS #221988 KS LO.0001288, MO 14772-MLO, FL LO88825, (Branch NMLS #327320). 2290 N. Tyler Rd., Suite 200, Wichita, KS 67205.
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