Points

Apr 9, 2016

A point equals 1 percent of a mortgage loan. Lenders charge points as a way to make a profit. Borrowers may paydiscount points to reduce the loan interest rate. Buyers are prohibited from paying points on HUD or VA guaranteed loans. On a conventional mortgage, points may be paid by either buyer or seller or split between them. Within limits, points are usually tax deductible. Also see interest tax deduction.

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