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"The Perfect Choice for Low Cost Low Rate Home Loans"
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2020Lending.com Inc. is licensed by the California Department of Real Estate #01846287
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Should I pay points?
The best way to decide whether you should pay points or not is to
perform a break-even analysis:
- Calculate the cost of the points. Example: 2 points on a $100,000
loan is $2,000.
- Calculate the monthly savings on the loan as a result of obtaining
a lower interest rate. Example: $50 per month
- Divide the cost of the points by the monthly savings to come up
with the number of months to break even. In the above example, this
number is 40 months. If you plan to keep the home for longer than the
break-even number of months, then it makes sense to pay points,
otherwise it does not.
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What's the difference between a conventional loan and an FHA loan?
Loans where the borrowers' down payment is less than 20% often
require mortgage insurance, which can be provided privately or publicly.
Conventional loans requiring MI are insured by private mortgage
insurance. FHA loans are those whose MI is provided by the Federal
Housing Administration, a public, government program backed by
taxpayers.
The advantages we offer for your home loan needs include:
- Low cost low rates
- Easy online application
- Guidance and advice from an experienced loan professional
Ready to refinance your current mortgage? Apply online
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