| Posted By |
Message |
Househunter1
LIF Zygote
Member since 3/11 19 total posts
Name:
|
Points on your mortgage
How much did you pay to buy your rate down?
Thanks!
|
Posted 4/9/11 8:28 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
|
Re: Points on your mortgage
Are you referring what ends up being PMI? You need to have 20% equity in your home to not have points.
|
| Posted 4/9/11 1:18 PM |
| |
|
hanna7636
LIF Adult
Member since 8/06 921 total posts
Name:
|
Re: Points on your mortgage
I went with a direct lender and to keep my rate (i bargained with the company to match lowest rate at the time) I paid a 1/4 point. If the rates went up I had to pay but nothing if they fell.
|
| Posted 4/9/11 1:53 PM |
| |
|
JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
|
Re: Points on your mortgage
We paid 1 point when we bought
|
| Posted 4/9/11 2:17 PM |
| |
|
Househunter1
LIF Zygote
Member since 3/11 19 total posts
Name:
|
Re: Points on your mortgage
How much did you pay for one point?
|
| Posted 4/9/11 3:55 PM |
| |
|
Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
|
Re: Points on your mortgage
1 point is 1% of the loan. So if you are borrowing $350,000, the cost would be $3,500.
|
| Posted 4/9/11 5:23 PM |
| |
|
Melmel821
Love being a mom!
Member since 5/08 2776 total posts
Name:
Melanie
|
Re: Points on your mortgage
We were discussing this with our mortgage application. We already signed for a rate lock. Is it too late to buy down?
|
| Posted 4/10/11 9:40 AM |
| |
|
bella
LIF Adult
Member since 5/05 1871 total posts
Name:
|
Re: Points on your mortgage
We paid 0 points. We used Bank of America over a year ago. I would shop around, we had some people telling us we would need to pay two points, etc, we had one loan officer that flat out LIED to us...it was ridiculous, we ended up with the BEST rate of al lthose we talked to and our Loan Officer was so good he even worked to get us a slightly reduced rate the night before our closing! Can't say enough good things about our experience!
|
| Posted 4/10/11 9:50 AM |
| |
|
Mrs213
????????
Member since 2/09 18986 total posts
Name:
|
Re: Points on your mortgage
Posted by Mici C
Are you referring what ends up being PMI? You need to have 20% equity in your home to not have points.
You pay points to make your interest rate lower.
Pmi is totally different.
We paid 0 points got a 5% rate and put 3.5% down
|
| Posted 4/10/11 12:05 PM |
| |
|
