Should I buy mortgage points to lower my rate?

Buying mortgage points, also called discount points, means paying an upfront fee to the lender in exchange for a lower interest rate. One point typically costs one percent of the loan amount and reduces your rate by a fraction of a percent. Whether it makes sense depends on how long you plan to stay in the home and how much you save each month. If you plan to stay long enough for the monthly savings to exceed the upfront cost, buying points can be a good deal. If you sell or refinance early, you may not break even. Points are tax-deductible in the year you buy in most cases. The specifics depend on your situation and a licensed lender should confirm whether buying points is right for you, and Jon can connect you with one.

Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.