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Mortgage Professor about discount points: | |||||||||||||||||||||||
Are Discount Mortgage Brokers Upfront?
February 7, 2005 "In my market search I have come across Discount Brokers, who seem to uphold many of the same ethical standards as Upfront Mortgage Brokers (UMBs), but do not charge any fees for their service - they claim they are compensated by the lenders. Isn?t that even better ... more... Settlement Costs Included in Annual Percentage Rate July 11, 2002, Revised December 4, 2004 In principle, the APR should include all settlement costs that would not arise in an all-cash transaction. Unfortunately, the current definition violates this rule in a number of instances, with no rhyme or reason. The columns below ... more... |
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discount points related definitions |
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discount Point
Discount Point Fees paid to lenders. 1 point = 1% of the loan amount. On a $100,000 loan 1 point is $1000. Points may be further classified into origination points or discount points. In laymen terms, a point is a fee you pay to a lender or broker. Each point is one percent of ... more... Closing Closing The meeting between the buyer, seller and lender or their agents where the property and funds legally change hands. Also called settlement. Closing costs usually include an origination fee, ... more... |
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