Prepay Mortgage Interest & Save $$$ in the Long Run | Homespire Mortgage

Are you on the fence about buying right now because rates are higher than you expected? Well, what if there was a way to REDUCE your rate?
That’s where discount points come in.
Buying points allows you to prepay interest upfront, reducing your interest rate across the life of your loan. Each point typically costs 1% of your loan amount and can lower your mortgage interest rate by around 0.25%.
For example, if your mortgage is $300,000, each point would cost $3,000 and reduce your rate by a quarter of a percent. So, if the current rate is 7%, and you buy 2 points - that’s $6,000, which you’d pay at closing - and the rate for the life of your loan would be as low as 6.5%.
You’re effectively trading upfront costs for a lower monthly mortgage payment over the life of the loan. If you plan to stay in your home for an extended period, this could translate into big savings.
Want to see how much discount points could lower YOUR rate? Homespire can help. Visit www.homespiremortgage.com to get started today.
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Homespire Mortgage Corporation. Equal Housing Lender. All Rights Reserved. NMLS ID # 183215.
Corporate Office: 9711 Washingtonian Blvd., Suite 500, Gaithersburg, MD 20878. 1-800-531-5395 This is not an offer for a loan or any type of extension. Eligibility for a loan or extension of credit from Homespire Mortgage Corporation is subject to completion of a loan application, credit, income, and employment qualification, and meeting established underwriting criteria. Rates are subject to change without notice based on market conditions. See Loan Consultant for information on program income limits, buyer contribution, area median income, debt requirements, and other application details.