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Old 02-21-2015, 09:09 PM
 
Location: Dover, DE
1,803 posts, read 3,839,195 times
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Quote:
Originally Posted by newenglandgirl View Post
Being your age, did you have to pay "points" on your mortgage?
Whether you pay points is totally dependent on where you get your mortgage. Some of the lower, I call them "teaser", rates will require points.......basically you are "buying down" your rate, an anybody can do that if offered. Has nothing to do with age. So be very careful when you are comparing rates through different companies. Check your bank, a credit union if you can/do belong to one, and mortgage companies. And make sure to compare with or without points because if you keep your loan a longer time you might save more on interest than you paid in points. But if planning on paying it off soon, you are just giving the bank more money.
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Old 02-21-2015, 09:30 PM
 
Location: Verde Valley AZ
8,624 posts, read 9,696,398 times
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Quote:
Originally Posted by rothbear View Post
Whether you pay points is totally dependent on where you get your mortgage. Some of the lower, I call them "teaser", rates will require points.......basically you are "buying down" your rate, an anybody can do that if offered. Has nothing to do with age. So be very careful when you are comparing rates through different companies. Check your bank, a credit union if you can/do belong to one, and mortgage companies. And make sure to compare with or without points because if you keep your loan a longer time you might save more on interest than you paid in points. But if planning on paying it off soon, you are just giving the bank more money.
My credit union is financing my house. I have to be approved through Wells Fargo too because of some loan restrictions with my credit union. They made no mention of points either. Luckily the house I'm buying could be financed by the credit union. I didn't check any other mortgage companies.
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