Paying Mortgage Points
Paying Mortgage Points
When exploring mortgage options you’ll find quotes from lenders that include both loan rates as well as points. A point is a fee equal to 1% of the loan. A 30 year, $200,000 mortgage might have a rate of 7% but come with a charge of 1 point of $2000.
There are two kinds of points borrowers can pay:
Origination Points
These are charged by the lender to cover the costs of making the loan. They are not tax deductible.
Discount Points:
These are actually pre-paid interest on the mortgage. The more points you pay, the lower the interest rate on the loan and vice versa. Borrowers typically can pay anywhere from 0 to 4 points, depending on how much they want to lower their rates. This kind of point is tax deductible.
Paying Mortgage Points
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