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Term: Points

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Charges levied by the lender based on the loan amount. Each point equals one percent of the loan amount; for example, two points on a $100,000 mortgage is $2,000. Discount points are used to buy down the interest rate. Points can also include a loan origination fee, which is usually one point.

Related Articles:
  • Glossary: annual percentage rate (A.P.R.)
  • Glossary: Closing Costs
  • Glossary: Commitment Fee
  • Glossary: Discount Points
  • Glossary: Loan Discount
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