Posted on: 30th Jun, 2007 11:14 pm
How many points and what are maintenance fees?
Dear Debbie,
Before I can help you, can you please specify what maintenance fees and what points you are talking about?
Before I can help you, can you please specify what maintenance fees and what points you are talking about?
Hi Debbie,
I suppose you are talking of the discount fee which the lender charges at the closing time.Lenders give the points thereby adding the cash to your loan.Each point is equal to 1% of the loan amount.Thus, by paying the points, you benefit not only from the lower interest rate but also from reduced amount of taxes.But it benefits when you take a loan for larger time period.
I suppose you are talking of the discount fee which the lender charges at the closing time.Lenders give the points thereby adding the cash to your loan.Each point is equal to 1% of the loan amount.Thus, by paying the points, you benefit not only from the lower interest rate but also from reduced amount of taxes.But it benefits when you take a loan for larger time period.