Points

A "point" is one percent of the loan amount, typically paid in cash to the lender as a fee. So, if your loan is $300,000, one "point" equals $3,000 paid to the lender. There are several different kinds of points. There are "discount points," where every point you pay lowers your interest rate by a certain amount. Learn more about points and what they mean for your loan.

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Paying Points When Refinancing

When taking out a first mortgage or refinancing, you may want to consider paying "points." A "point" is one percent of the loan amount, typically paid in cash to the lender as a fee. There are several different kinds of points. There are "discount points," where every point you pay lowers your interest rate by a certain amount. The lender may charge you a point or two as a flat fee as well.

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