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Points (real estate)Posted on:3/29/2006
| Points are a form of pre-paid interest. One point equals one percent of the loan amount. |
Points are a form of pre-paid interest. One point equals one percent of the loan amount. By charging a borrower points, a lender effectively increases the yield on the loan above the amount of the stated interest rate. Borrowers can offer to pay a lender points as a method to reduce the interest rate on the loan, thus obtaining a lower monthly payment in exchange for this up-front payment.
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