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Mortgage Questions and Answers

1. Is Now A Good Time To Refinance?
2. When should I refinance my current mortgage loan?
3. Should I refinance if I plan on moving soon?
4. What are points?
5. Should I try to pay as many discount points as possible to lower my loan's interest rate?
6. What does it mean to lock the interest rate on a mortgage loan?
7. Should I lock-in my loan rate when I apply for a mortgage loan?
8. I've had credit problems in the past. How does this impact my chances of getting a home loan?
9. I've only been late a couple of times on my credit card bills. Does this mean I will have to pay an extremely high interest rate?
10. How can I tell who has the best deal on financing?
11. Should I choose the lender with the lowest interest rate and costs?

Q. What are points?

A . Points are costs that need to be paid to a lender in order to receive mortgage financing under specified terms.

A point is a percentage of the loan amount (one point = one percent of the loan). One point on a $100,000 loan would be $1,000.

Discount points are fees that are used to lower the interest rate on a mortgage loan (you are discounting the interest rate by paying some of this interest up-front).

Lenders may express other loan-related fees in terms of points. Some lenders may express their costs in terms of basis points (hundredths of a percent).

100 basis points = 1 point (or 1 percent of the loan amount).

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