What Are Discount Points?

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A type of prepaid interest mortgage borrowers can purchase that lowers the amount of interest they will have to pay on subsequent payments. Each discount point generally costs 1% of the total loan amount and depending on the borrower, each point lowers your interest rate by one-eighth to one one-quarter of your interest rate. Discount points are tax deductible only for the year in which they were paid.

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Nick Walton
JP And Associates REALTORS
469-556-2393
Nick@NickWaltonRealtor.com