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English
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Concept
Discount Points
Discount points
are
upfront fees
paid to a lender at closing to reduce the
interest rate
on a mortgage, effectively lowering
monthly payments
over the
loan's life
. Each point typically costs 1% of the loan amount and can be a
strategic tool
for borrowers planning to stay in their
home long-term
to
save on interest costs
.
Relevant Fields:
Real Estate 100%
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