How are points determined in a mortgage?

Answer A point is a loan discount fee, paid by the home buyer to the lender at closing, or settlement, of a real estate transaction. The various combinations of interest rates and points are set by the le... Read More »

Top Q&A For: How are points determined in a mortgage

How is private mortgage insurance determined?

Private mortgage insurance (PMI) is a type of insurance policy that protects lenders in the event that a borrower defaults on a mortgage. PMI only reimburses the lender and offers no protection for... Read More »

How are points determined in refinancing a home?

When you refinance your mortgage, the lender may charge points, a cost expressed as a percentage of the loan. Points take into consideration the interest rate and how long you remain in the home af... Read More »

How are insurance points determined after an accident?

Traffic Points In most states, whenever a motorist receives a traffic ticket or other driving violation they are assessed two different types of points: driver's license and insurance points. The s... Read More »

What exactly does it mean to"buy down points"on a mortgage?

A point is a fee paid in order to obtain a mortgage for a home. The term "buying down" points refers to paying more money up front in order to bring down the interest rate and monthly payments. In ... Read More »