Buying a interest Point

Should You Buy Down Your Interest Rate? 🏡💰

When you’re getting a mortgage, you have the option to “buy down” your interest rate by paying more upfront. But is it worth it? Let’s break it down ⬇️

✅ Pros:
• Lower Monthly Payments: A reduced interest rate can save you hundreds each month.
• Long-Term Savings: If you stay in the home long enough, the upfront cost can pay off big over time.
• Better Budgeting: Predictable, lower payments can free up cash for other goals.

⚠️ Cons:
• High Upfront Cost: Buying points can require thousands of dollars at closing.
• Short-Term Stay? If you move or refinance quickly, you may not recoup the cost.
• Other Priorities: That cash could be used for repairs, furnishing, or an emergency fund instead.

💡 Tip: Do the math! Calculate your break-even point before committing so you know exactly when the savings kick in.

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DM me or email me:
Jeffg@pelagicmortgage.com
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Видео Buying a interest Point канала Jeff Germano