What Are Mortgage Points Video

What Are Mortgage Points

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What Are Mortgage Points -

If you're looking to buy a home, you will need to know what mortgage points are. Doug Duncan, Sr. Vice...

What Are Mortgage Points -

If you're looking to buy a home, you will need to know what mortgage points are. Doug Duncan, Sr. Vice President and Chief Economist at the Mortgage Bankers Association, provides insights.

Added: 8/26/09

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What Are Mortgage Points Buying a Home doug duncan mortgage mortgage points purchasing a home tv360

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What Are Mortgage Points

Steve: My name is Steve in Cortland, New York. I’m, looking to purchase a new home. And I was wondering if you could tell me about what mortgage points are. Doug Duncan: Steve, points are prepaid interest. The lender who gives you the money will give you a lower interest rate if you’re willing to pay some of the interest upfront. And to understand the calculation, one point is one percent of the principal balance. So, if you’re borrowing $100,000.00, one point is $1,000.00 of prepaid interest.

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Steve: My name is Steve in Cortland, New York. I’m, looking to purchase a new home. And I was wondering if you could tell me about what mortgage points are.
Doug Duncan: Steve, points are prepaid interest. The lender who gives you the money will give you a lower interest rate if you’re willing to pay some of the interest upfront. And to understand the calculation, one point is one percent of the principal balance. So, if you’re borrowing $100,000.00, one point is $1,000.00 of prepaid interest.

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