What are discount points?

Discount points, also known as mortgage points or simply points, are fees paid directly to a lender at closing in exchange for a reduced interest rate. One point equals one percent of your loan amount, so if you buy one point on a $100,000 loan, it’s going to cost you $1,000. 

Now how much you are willing to pay for points is determined by how long you plan to keep the loan. Generally speaking, the longer you plan to keep the loan, the more valuable the points become because even though you pay more upfront, you’ll save more over the life of the loan. 

If you are only planning to stay in the home for a few years, then it might not make sense to pay for points. However, if you are planning to stay in the home for 10 years or longer, then you may want to consider paying for points. 

When it comes to purchasing points, you have two options: buy them or pay nothing. If you buy them, they will be paid upfront at closing and you will receive a discounted interest rate. If you don’t buy them, you will have a higher interest rate but it won’t cost you anything upfront. Ultimately, it is important to crunch the numbers to determine which option is the right choice for you. 

In summary, discount points typically cost one percent of your loan amount and whether you buy them or not should depend on how long you plan to keep the loan. It’s important to do your research and crunch the numbers so that you can make an informed decision.

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