Posted by John (Las Vegas) on January 23, 2002 at 22:50:39:
The point is upfront fee which buyer pays to lender for lowering the interest rate on the loan. One point is 1% of the loan amount. One point paid usually lower the interest rate of the loan for 0.25%. You have to spent 50-60 months in the house to get the money back.
Best,
John Vanhara
john@millionsaver.com
Phone: (702) 296-0212
Fax: (702) 464-4134
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