What is Discount Point?
What is Discount Point?
You can pay a certain percentage like 1% or 2% of the loan amount to the bank, and in return the bank will reduce your interest rate on the loan.
This is often times not worth it unless you plan on keeping the same mortgage for a long period. Research Maniacs recommends that you do the math before
paying a relatively high amount of money to reduce your interest rate and monthly payment slightly.
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