House buying time - Mortgage questions

[imported_hopeless]

Working on buying our first house. We decided to go with a new one as the builder is offering no closing costs and 3 points toward interest if we go through thier preferred lender.

If I'm understanding this right 3 points equals 0.75% off the interest.

Does the no closing costs really mean that all we have to put out of pocket is our downpayment or is there some "hidden" things that aren't considered closing costs that can sneak up as we go along?

 

[olds]

Sorry OP but it's hopeless.

 

[MattCo]

One point equals one percent of the loan amount. For each point purchased, the loan rate is typically reduced by 1/8% (.125%).

http://en.wikipedia.org/wiki/Point_(mortgage)