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2925 Highway 51
LaPlace U.S.A., Louisiana 70068

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Real Estate Tip Of The Week
For the Week of November 11, 2018...

Points to Understand about Points

Money Pile
  • What is a point?
  • A point is a one-time charge paid at settlement when a loan is made. It equals one percentage point of the borrowed amount (thereby deriving its name). On a $50,000 loan, two points equals $1,000.
  • Why are points charged?
  • Because conventional mortgage loan rates are generally higher than VA or FHA rates, lenders often charge "discount points" to make up the difference. By paying points, a buyer trades increased initial costs for a reduced interest rate.
  • Who pays points?
  • A buyer usually pays a "loan origination fee," which is a service charge equal to one point. As for discount points, both buyers and sellers can pay to bring the buyer's rate down. This can be an attractive selling tool, and a great tax advantage if you're the buyer. Rules vary slightly for VA and FHA loans, so be sure to ask for specific information.
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