P a t r i c k J e f f r e y R e a l t yPoints
Points are
a fee charged by a lender as a condition of granting a loan. Each point is equal
to 1% of the loan value.
Home loans typically carry 0-3 points, depending upon the lender and program.
The loan's interest rate is generally increased when the number of points is
decreased.
Points are usually deducted from loan proceeds at the closing. This cost is
fully deductible from income taxes in the year of the purchase.
