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Saturday, March 20, 2010

And Your Point Is?.... No, I Asked What Your Points Are!

He was telling me about the interest rate lock he had received and I asked a simple question.  “How many points are you being charged?”

He had no clue. He did not understand what “points” I was referring to with my question.

What are points? 

Points are upfront fees paid to obtain a lower interest rate on mortgages. One point equals one percent of the loan amount.

When seeking a real estate loan talk to a professional who will explain the process and is available for questions. Research the process.  Ask your real estate agent for recommendations.

And my point is…Interest rates, points charged, loan origination fees, inspections and surveys all cost real money. Know what you are spending and why.

Buying a house is a seemingly daunting process. Let me help you!  Need a recommendation on local lenders, call me.

Gary Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge Florida serving buyers and sellers in the central Brevard County areas of Viera, Suntree, Rockledge and the beach side communities of Cocoa Beach, Satellite Beach and Merritt Island.

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