WebApr 5, 2024 · Undisclosed IPCs. Mortgages with undisclosed IPCs are not eligible for delivery to Fannie Mae. Examples of these types of contributions include, but are not limited to, moving expenses, payment of various fees on the borrower’s behalf, “silent” second mortgages held by the property seller, and other contributions that are given to the …
Paying Discount Points for a Lower Rate on an FHA Loan
WebThe borrower is seeking a conventional loan but doesn't want to pay more than 6.5%. The lender agrees to make a 6.5% interest loan if it is discounted three points. How much will the lender receive in points for making this loan? a. $3,000 b. $4,050 c. $4,500 d. $8,775 ANSWER: B 150,000-15,000 = 135,000 x 1% = 1,350 x 3 = 4050 Students also viewed WebMar 27, 2024 · Discount points are a type of prepaid interest or fees mortgage borrowers can purchase that lowers the amount of interest they have to pay on subsequent … thule opinie
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WebMar 29, 2024 · A mortgage point – sometimes called a discount point – is a fee you pay to lower your interest rate on your home purchase or refinance. One discount point costs 1% of your home loan amount. For example, if you take out a mortgage for $100,000, one point will cost you $1,000. WebBorrowers can pay discount points on FHA loans (which are insured by the government), as well as conventional mortgage loans (that are not insured by the government). When … WebJan 13, 2024 · As a rule of thumb, paying one discount point lowers a quoted mortgage rate by 25 basis points (0.25%). Different banks will offer different rate reductions in … thule or yakima roof rack