They’re fees that are specifically used to buy down your interest rate. They’re sometimes called a "discount fee" or "mortgage rate buydown" on settlement statements. One discount point carries a cost equal to one percent of your loan size.
A buy rate is the interest rate that a potential lender quotes to your dealer when you apply for dealer-arranged financing. Your dealer may offer you an interest rate that is higher than the buy rate. The rate the dealer offers you is called the "contract rate."
Buying a home is complicated and stressful.. continues to appreciate and rates follow suit, your down payment money could depreciate with it.
In mortgage terms, buying down your interest rate is also called paying "discount points." Lenders typically offer mortgage programs with different interest rates andat varying costs. Borrowers can choose loans with higher rates and lower costs,or they can pay discount points to get a lower rate.
Discount Points Discount points lower the rate on your loan. In exchange for a payment today, your lender will reduce the interest rate on your debt. This is sometimes called "buying down the rate" on your loan because you’re effectively purchasing a lower rate.
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