Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

mortgage point

Read a random definition: noncustodial interrogation

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
13:29
I shop at Joe
HopefullyInLawSchool
13:29
Joe's
glovediedthisishismom
13:30
i shop at tawget
glovediedthisishismom
13:30
im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
LSD+ is ad-free, with DMs, discounts, case briefs & more.