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Susan Combs Agent/Broker SFR
Phone (704) 301-1642 Fax (704) 973-0685 Kannapolis Real Estate Agency 500 S. Cannon Blvd. Kannapolis, NC 28083 |
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When Should You Pay Points on a Loan?When it comes to comparing interest rates for a mortgage loan, homebuyers often have the option of choosing a loan with a lower interest rate by paying points. Simply put, a point is equal to 1 percent of the loan amount. For example, with a $100,000 loan, one point equals $1,000. Points are usually paid out-of-pocket by the buyer at closing. Paying points may seem attractive, because a lower interest rate means smaller monthly payments. But is paying points always a good idea? The answer generally depends on how long you plan to stay in the house. Let's look at an example: Bob and Betty Smith are shopping for loan rates on a $150,000 home. Their bank has offered them a 30 year loan at 7.5 percent with no points. This works out to a monthly payment of $1,049. However, their bank has also offered them a loan at 7 percent if they agree to pay 2 points (or $3,000). At this lower rate, their monthly payment drops to $998, or a savings of $51 per month. By dividing the amount they paid for the points ($3,000) by the monthly savings ($51), we see that they will have to own the house for 59 months (or just under 5 years) before they will start to see savings as a result of paying points. If Bob and Betty plan to stay in the house for many years, then paying points could make good sense. But if they see themselves moving to another house in the near future, they'd be better off paying the higher interest and no points. (Note: for simplicity, the above example does not take into account the time value of money, which would slightly lengthen the break-even time.) Can you deduct points on your income taxes?
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Kannapolis Real Estate Agency
500 S. Cannon Blvd.
Kannapolis, NC 28083
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Thank you for visiting KannapolisRealEstate.info! This is a one-stop real estate website for all your home buying and selling needs in Kannapolis, North Carolina. I also serve the communities of Cabarrus County, and
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I encourage you to check out my website for local Kannapolis neighborhood and school details, mortgage information, interactive maps, listings of properties of homes for sale, plus many more features. Together we will sell your home or find you the home of your dreams at the best possible price, terms, and conditions as quickly as possible. Buying and selling a home is one of the biggest events in your life. As a top Realtor, I have the experience and track record you are looking for. First time home owners are encouraged to contact an experienced Kannapolis realtor to find out if you qualify for the $8000 Tax Credit.Please feel free to contact me directly if you have any questions about the Kannapolis real estate market, or buying or selling a home in Kannapolis, NC.
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Buying a Home in Kannapolis NC? Let me find you the perfect home! I am experienced in a variety of NC properties including: residential real estate for sale, foreclosures, first time homeowners, Lake Norman property, luxury homes, and relocation information. You can find it all on my website. In fact, make your home search easier and become a VIP Buyer. Get immediate information on ALL new listings that match your criteria emailed. Click on "VIP Buyer's Program" now! As always, if you have any questions about the North Carolina real estate market, or finding that perfect home here in Kannapolis, please let me know!Relocating to Kannapolis? Click here for Relocation Information
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