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Welcome > Resources > Mortgage Calculators >
Buying Points ...
Will Buying Points Save You Money?
Should you buy points? Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. But each "point" will cost you 1% of your mortgage balance. This calculator helps you determine if you should pay for points, or use the money to increase your down payment. Click on the "View Report" button to review your information.
Definitions
- Term
- Number of years for this mortgage. Most common terms
are 15 years and 30 years.
- Mortgage amount
- Total balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage without purchasing any discount points.
- Years in home
- The number of years you expect to live in this home or the number of years before you refinance your mortgage.
- Principal and interest
- Monthly principal and interest (PI) for this mortgage.
- Points rate
- Annual interest rate for this mortgage with discount points.
- Points
- The number of discount points you need to receive the lower rate. Each point costs 1% of your mortgage amount.
The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
First Time Buyers >The Buyer Interview
The first step toward matching you with the perfect home usually involves an in-depth interview with the real estate agent who will help you establish a price range and determine the features that you need in a home.
The agent will ask a lot of questions, and many of them will seem very personal. What is your income and debt situation? Where do you work? Are schools an important factor? Do you have children or pets? Do you have hobbies that will create special needs?
The more information your real estate agent has, the easier it will be to eliminate the homes that will not work for you and show you the ones in your price range that should fit your needs. A good agent can be a tremendous resource in this process, providing you with information about the homes that are available, shopping facilities, community services, and public transportation. The best real estate agents are excellent listeners and counselors.
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| Q |
What characteristics must a home have to be considered a prestigious property?
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| A |
Unique architectural design; Highly desirable location; celebrity status--owned by a well-known person. |
 See More Real Estate Trivia > |
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All rights reserved. All information deemed reliable but not guaranteed.
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