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LSDefine

Simple English definitions for legal terms

mortgage point

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A quick definition of mortgage point:

Term: Mortgage Point

Definition: A mortgage point is a fee paid upfront to a lender in exchange for a lower interest rate on a mortgage loan. It is like a discount on the interest rate that you pay for your mortgage. For example, if you pay one mortgage point on a $100,000 loan, you would pay $1,000 upfront, but your interest rate might be reduced by 0.25%. This can save you money in the long run, but it is important to consider whether the upfront cost is worth the potential savings.

A more thorough explanation:

Definition: A mortgage point is a fee paid upfront to a lender in exchange for a lower interest rate on a mortgage loan. One point is equal to 1% of the total loan amount.

For example, if you are taking out a $200,000 mortgage and the lender offers you a rate of 4% with no points, you could choose to pay one point ($2,000) upfront to lower your interest rate to 3.75%. This would save you money on interest over the life of the loan, but would require a larger upfront payment.

Another example would be if you are taking out a $500,000 mortgage and the lender offers you a rate of 3.5% with no points. You could choose to pay two points ($10,000) upfront to lower your interest rate to 3%. This would also save you money on interest over the life of the loan, but would require a larger upfront payment.

The examples illustrate how paying mortgage points can be a way to save money on interest over the life of a mortgage loan, but requires a larger upfront payment. It is important to consider your financial situation and how long you plan to stay in the home before deciding whether or not to pay mortgage points.

mortgage note | mortgage servicing

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