Mortgage Points

When you go to a lender and discuss the terms of your loan, the lender might say something like. “you will have a rate of 7% on your 30 year loan with a charge of 1 point”. These Points are a way to lower your prepaid interest on your loan. The more points you have the lower your rate. There are many factors to think about when deciding points. One of these factors is how much money you can put down at closing. In order to get the lowest closing costs you want to have a zero-point option. Here at Consumer Mortgage we can help you understand what your points are doing to your mortgage , so give us a call at 757-552-7000 or 800-882-0066. We will use are 30 years in the business to get you the mortgage to purchase your next home