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seekzanswer | Can you buy down points to make your mortage even cheaper? I'm paying too much? |
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 |
 
xchris
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pay weekly... |
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Your #1 fan
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Do you have a fixed rate? If not, that may explain why you are paying too much. The rates for people with excellent credit these days is fluctuating between 6-6.5%. It may go down or not. Sellers these days will pay many of the closing costs you would normally pay. |
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justwondering
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Not once it is locked in. You may have paid points up front in order to get a lower interest rate - that was your only chance. |
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Etta P
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You can buy down your interest rate by paying discount points, yes |
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efflandt
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Points are usually an illusion (smoke and mirrors). It is basically paying interest in advance (like a prepayment penalty in disguise). It would be better to simply pay down the principal, so your loan ends in a shorter time with less payments (and reduced total interest).
If you refi, figure out the difference between normal interest, and points plus lower interest. Whenever I did that for online quotes, there was no difference in total paid over the full term of the loan. So paying points for lower interest can be deceiving. |
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Chris A
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There is only 2 ways to buy down your rate... do it at the time you purchase the home, or do it when you refinance. I am curious what your rate is and why you think you are paying too much. If you would, please call me and we can discuss your situation further to determine the best course of action for you!
Chris Alicki
calicki@arbormortgage.com
616-285-7787 |
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www.JerryLarach.com
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You can only "buy down the points" when you are in the process of buying the house and the loan has not closed.
Once the loan is closed...there is nothing you can do to change the terms....Because you signed a contract with the lender.
Now, if you want to lower your monthly payment....your option is to refinance the house if you have a equity on it.....
If you don't have equity on it....Pretty much you are stuck with your payment.
I hope this helps,
www.JerryLarach.com |
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LittleMomma
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Yes you can. Not many do it because it increases the amount of money you will have to pay at closing. |
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Jaime
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Points are before your close on the original mortgage loan. At this point, you are looking at a possible refinance of the mortgage loan. |
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