Points (loan discount points)

Points (loan discount points)

Prepaid interest on a mortgage that is usually paid at the time of closing. Each point is equal to 1% of the total amount of a mortgage (1 point, or 1%, of an $80,000 mortgage would be $800). Most lenders offer mortgages with several combinations of points and interest rates; generally, the lower the interest rate, the more points paid at settlement.

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Part of Speech: noun
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Industry/Domain: Real estate
Category: General
Company: Coldwell Banker
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