Posted on: 29th Aug, 2010 09:44 am
I see a lot of advertised refinancing loans, the quote fees does this include points if not how much will points usually be on 250,000.
Hi skorsedal,
Mortgage points are like pre-paid interest on a loan that a borrower takes out for a new home. One point is equal to 1% of the total principal amount of the loan. Thus, 1 point of a $25,000 loan will be $2500.
Thanks
Mortgage points are like pre-paid interest on a loan that a borrower takes out for a new home. One point is equal to 1% of the total principal amount of the loan. Thus, 1 point of a $25,000 loan will be $2500.
Thanks