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    • discount mortgage FAQ

    How are mortgage discount points calculated?

    Jan 06, 2009 by celticdiablo | Posted in Personal Finance

    I know they are based on 1% of the loan. However, are the calculated on the base loan or with the closing costs rolled in? For example, your base loan is $320,000 with closing costs of $3,000 that you are rolling into the loan. Are the points based on

    If you are using $320,000 toward the home, and rolling $3000 worth of closing costs into the loan, then your loan is $323,000.

    All of these calculations are based on the loan value, which is $323,000.

    SmartA$$ | Jan 06, 2009

    Not sure, but it shouldn't matter, that would only be a $30 difference.

    The more important question is how much will paying for points lower your monthly payment? Make sure it lowers it enough that you make back the money you paid up
    Rick | Jan 06, 2009

    Is it possible to buy my own mortgage at a discount?

    Sep 06, 2007 by great_and_mighty_adam_levine | Posted in Credit

    I have one of those loans that banks don't want anymore. It's a 5-year interest-only ARM. However, I bought this on purpose, and have the ability to pay.

    My mortgage company just sold my mortgage (not unusual). However, considering the

    It might be possible but I'm betting that the seller of your mortgage discounted it to the buyer due to the points you paid. I doubt that they would be willing to sell it at a discount, I guess let you pay it off at a discount is the proper way of looking

    W | Sep 06, 2007

    You have already done a couple of bad things, IMHO, by paying points on a interest only loan why futher the irresponsibiltiy by trashing your credit.
    Pojo | Sep 06, 2007

    When you get Discount Points for your mortgage, is that money applied to the mortgage? Or does it *only* lower?

    Mar 16, 2009 by 光 | Posted in Renting & Real Estate

    When you get Discount Points for your mortgage, is that money applied to the mortgage? Or does it *only* lower your interest rate?

    Discount points only lower your interest rate. They are tax deductible, but consult your accountant for your specific situation about that as I am not one.

    To determine if paying discount points are worth it, find out the cost of the points,

    richardsmason | Mar 16, 2009