Mortgage Points: Know Your Breakeven Point
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Mortgage points: A double-edged sword for homebuyers
Lenders often suggest mortgage points to secure lower interest rates, but the upfront cost may not be worth it for first-time buyers. The breakeven point, or the time it takes to recoup the upfront cost through savings, is crucial. However, many buyers dont reach this point due to selling, refinancing, or moving within the first few years. Lenders may overemphasize long-term savings without mentioning the risks. Instead, consider lender credits or shopping around for better rates. Always demand a written breakeven worksheet and run scenarios for different timeframes in the home to avoid unnecessary expenses.
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