What are points?

A point is a percentage of the loan amount. For example,  one point = 1% of the loan, so one point on a $100,000 loan is $1,000. Points are costs that need to be paid to a lender to get mortgage financing under specified terms.

Discount points are fees used to lower the interest rate on a mortgage loan by paying some of this interest up-front.

Lenders may refer to costs in terms of basis points in hundredths of a percent, 100 basis points = one point, or 1% of the loan amount.

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