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w00t!! Sealed the Deal today!

What are the 2pts for? I understand that 4.25 is the interest rate, but what's with the points? Sorry, never had to take a loan out before; I have no experience with this stuff.

Nate
 
What are Buy-downs and Discount Points?
A buydown is a way to lower your initial interest rate on your mortgage. You accomplish this by paying additional points on your mortgage. A point is simply one percent of your loan total. The buyer usually has the option to pay as many points as they would like. Each increasing point will lower your mortgage rate a certain level.
 
Originally posted by: dquan97
What are Buy-downs and Discount Points?
A buydown is a way to lower your initial interest rate on your mortgage. You accomplish this by paying additional points on your mortgage. A point is simply one percent of your loan total. The buyer usually has the option to pay as many points as they would like. Each increasing point will lower your mortgage rate a certain level.
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Don't forget, points are tax deductible 😀
 
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