What are mortgage points? Mortgage points, or discount points, are an extra fee that you can pay in exchange for a lower interest rate. Homeowners who plan on keeping a house for a longer period might choose to buy points because the lower rate will save money in the long term.

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There’s more to home loan rates than interest. We’ll discuss your interest rate, your annual percentage rate, and how discount points affect your payment.

The 1.00% discount is on the overall cost of the loan, which can be applied toward buying points to get a lower interest rate. The discount only applies to conforming loans. This includes most loans other than jumbo loans.

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Discount points,* or mortgage points, are mortgage terms to know if you want to reduce your interest rate. They are a type of prepaid interest or fee borrowers pay for a lower interest rate.

Here are the key elements included in your monthly statement, along with a visual guide to help you locate them: 1. Statement Information. This is your basic information, like the date your statement was generated, loan number, amount due, and payment due date. 2. Explanation of Am...

DISCOUNT POINTS. You may have the option of paying "discount points" at closing. Why on earth would you do this? Because paying discount points means getting a lower rate on your loan. This is also known as "buying down the rate."

Discount points,* or mortgage points, are mortgage terms to know if you want to reduce your interest rate. They are a type of prepaid interest or fee borrowers pay for a lower interest rate.

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