What is a mortgage discount?

Answer A mortgage discount point is a payment at the closing of a home sale that is used to reduce the lending rate of the mortgage. The points are generally a percentage of the loan amount.Source:BankRat... Read More »

Top Q&A For: What is a mortgage discount

What is a discount fee on a mortgage loan?

A discount fee, also known as points, is the fee paid to a mortgage lender to purchase a lower interest rate. This is also referred to as buying down the interest rate. The amount of the fee is det... Read More »

What is a mortgage discount point?

Mortgage points are a cost paid when you close your mortgage. The more points you pay the lower your interest rate will be.SizeEach mortgage discount point costs 1 percent of the loan. For example,... Read More »

Can a Lender Charge You a Discount Point on Mortgage Loans in Pennsylvania?

Two kinds of points can be included in a mortgage. One is called an origination point; the other is a discount point. Each of these points usually equals 1/100 percent of the amount borrowed. If yo... Read More »

Who Do You Talk With to Get an Interest-Only Mortgage Changed to a Fixed Rate Mortgage?

Interest-only mortgages are considered to be one of the riskiest types of home loans on the market. If you have an interest-only loan, you can take the necessary steps to convert it into a fixed ra... Read More »