Mortgage points are upfront fees that can be paid to reduce the overall mortgage interest rate, typically costing around 1% of the loan amount.
The concept of buying points involves paying upfront fees to achieve lower monthly payments and potential long-term savings, particularly beneficial for extended home stays.
Determining the worthiness of buying points hinges on personal plans and calculations that assess the breakeven point of upfront costs against savings.
Calculating whether mortgage points are advantageous requires dividing the cost of the points by the amount saved through reduced monthly payments.
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