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All About Home Loan Points |
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Written by Ethan Hunter
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Thursday, 24 July 2008 05:59 |
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Most people have no clue what home loan points are. In fact, even current homeowners find themselves stumped by this term. However, as you will discover in this article, home loan points can actually be highly beneficial to you, allowing you to pay less money each month on your mortgage.
by EthanHunter
Most people have no clue what home loan points are. In fact, even current homeowners find themselves stumped by this term. However, as you will discover in this article, home loan points can actually be highly beneficial to you, allowing you to pay less money each month on your mortgage.
What are home loan points and how do they help a homeowner?
Home Loan Points 101
The basics are not hard to understand if you are a fast learner. Home loan points are something that you buy so that you will get a lower interest rate on your mortgage.
Home loan points are basically 1% of your loan - so, if you're taking out a loan of 100,000, one point would be about $1,000. Many times, you can buy these home loan points, and lower your interest rate.
But... are home loan points really worth it? Do they make that much of a difference? Why are they there at all?!
Good questions, actually, and questions you can't find answers to easily.
Are Home Loan Points Really Worth It?
This is the question that home owners struggle with. Can they afford the extra money... and is it really worth it, in the long run, to hassle with any sort of points?
Well, it depends on your personal situation, including the type of loan, and the loan company you're looking into. The biggest question you need to ask yourself is this - do I have the extra money to spend on these points, and how much do I save?
For instance, if you find that your monthly mortgage payment will go down by as much as $50 and you have some extra money available to buy points, then home loan points could be highly beneficial. In this case, while there is a little money upfront, the long-term savings are tremendous.
Then, you might ask why home loan points exist in the first place.
Well, remember that in addition to helping you with paying a long mortgage loan, they also provide you with many opportunities. For example, you would have the chance to pay more now while securing a lower interest rate. However, even if you find you do not have extra funds, you can still secure a good loan.
You benefit, and the loan company benefits, because they get more money up front, something that's important to them. Most of the time, though, loan companies leave home loan points as optional.
Summary
In most cases, home loan points can be highly beneficial but they are not required. Choosing to buy these points will depend on a number of factors to include your situation and personal preference, as well as how much extra money you have with which to work.
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