Refinance A Home MortgageLooking To Refinance Your Home Mortgage Loan?Things You Should Know |
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Have you finally made the decision to refinance your home mortgage loan? If so, here's something a lot of people don't know about points and how they work. Lenders can charge discount points to borrowers. A point is $1 for every $100 of the mortgage amount. Points are charged when the interest rate is lower than the yield required by investors who buy mortgage securities. (Yield is the ratio of investment income to the total amount invested over a given period of time.) Securities are "packaged," usually in portfolios of $1 million dollars or more, and bought and sold in the financial markets. This creates additional mortgage money to lend to other homebuyers. The numbers of points charged varies in different places at different times and among different lenders. Discount points for an FHA-insured mortgage may be paid by homebuyer, the builder of the house, or the person selling the house. Discount points may not be financed as part of the mortgage amount (unless you are refinancing your mortgage and you have sufficient equity in the home to cover the points). You can compare different home loan packages right here on the net to find the best deal. Click on several of the links on this page to compare several sites.
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