How to calculate if you should buy points and how it impacts your closing costs
In this video I will explain the process of buying your interest down and how points work when you’re selecting your interest rate. Another term for points is, “Discount points” or “Mortgage points”. The formula I use when comparing 2 interest rates is to divide the difference in cost by the difference in monthly payment. The result is how many months it could take to breakeven on buying points versus paying less or zero points. This calculation is very approximate, but still a tool to use to compare monthly payments amd costs. ——————————- Buying a house is one of the biggest investments you will ever make. Prior to becomming a Realtor I worked in the Financial industry for 20 years helping people with their most valuable investments including financing home purchases and my favorite thing is helping people buy homes. I want to work hard to help you find the right home for the right price. Contact Me: Call/ Text: 405.615.3139 Email: [email protected] www.oklahomahouses.org LinkedIN: https://www.linkedin.com/in/josh-m-63606436 Facebook: https://www.facebook.com/josh.wolf.50552 Instagram:
