Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called "buying down the rate," which can lower your monthly mortgage payments. One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000).
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"The RBA uses each cut like a defibrillator to zap the economy back to life but as the rate gets closer to zero, they are running out. "However if your lender passes on the full 25 basis point cut,
· Zero Point Mortgage Services is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements.
Depending on market conditions, a point generally equals between a 0.125 and 0.25 percent reduction in the rate. For example, on a $200,000 mortgage, a point is $2,000. This money is due at closing.
If you’re buying a home, you can purchase "discount" points to lower your interest rate, but you could also use that cash to make a larger down payment. NerdWallet’s mortgage points calculator.