Rates

RATE TYPE RATE/APR POINTS/CREDITS PER MONTH
15 Years 15-YEAR FIXED 3%3%
781
100%
1,934
100%
20 Years 20-YEAR FIXED 3.375%3.375%
84
66.6666666667%
1,606
75%
30 Years 30-YEAR FIXED 3.625%3.625%
333
33.3333333333%
1,277
25%
25 Years 25-YEAR FIXED 3.625%3.625%
333
33.3333333333%
1,421
50%
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Credits

A lender credit is money from your mortgage lender to help cover the mortgage-related closing costs associated with the purchase of your house. Your lender may offer you several thousand dollars in credit to cover most or all of the those costs. That credit is then applied to your mortgage.

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Points

Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments.

One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000).

Have more questions? We have answers.

What’s the difference between a fixed and adjustable rate?

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What are points and credits?

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Are mortgage rates the only aspect to consider when choosing between lenders?

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