information on mortgage rates

Paying points when mortgage refinancing, you can save money if you plan to make your house long enough to get back the costs. Sometimes mortgage lenders charge and not lower your mortgage interest rate. Here are some tips to help you to avoid money for points, which you do not benefit when mortgage refinancing.

Points, notably "discount points are prepaid mortgage interest, in exchange for lowering your mortgage interest rate. A point is one percent of the mortgage amount you are to close, and usually reduces your mortgage interest rate of 25 percent. Mortgage lenders often charge a homeowner, what they like and away, because very few homeowners actually read the fine print in their loan contracts.

How can you tell if your mortgage is honest with you about the points you pay? Ask your representative for a variety of loan offers with different point-and mortgage-rate combinations. For each ¼ percent change in mortgage interest rates should only be obliged to a point. If you do not see interest rates fall, ask your loan representative to explain the fee.

Deciding whether to pay points for your advantage, it is easy to calculate. Simply divide the amount you pay by the amount of your monthly payment and you have the number of months it will be back at your expense. In general, the longer you maintain the mortgage, the more sense it makes to pay discount points to close. You can learn more about your mortgage options, including costly mistakes to avoid with a free video tutorial mortgage refinancing.

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Louie Latour specializes in homeowners how to avoid costly mortgage mistakes and predatory lenders. To your hands on this free video tutorial: "Mortgage Refinancing - What You Need To Know," "teaches strategies for finding the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

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Mortgage Refinancing Points