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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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SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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