How Much Does Your Loan Cost?
	Lenders normally offer the same loan at various interest rates depending on how many points you choose. Pay more points, and you'll get a lower rate. Or, in exchange for a higher rate, get rebate points to offset some of your closing costs.
	Example Paying discount points Each discount point you pay typically lowers your interest rate by about 0.25%. So, if the current market rate with zero points is 8.00%, you could pay a lender to reduce it to 7.75% by paying one discount point. On a $100,000 loan, that one discount point would cost $1,000. Getting rebate points Each rebate point you receive typically increases your interest rate by about 0.25%. So, using an 8.00% rate with zero points, you could get one rebate point in exchange for increasing your interest rate to 8.25%. On a $100,000 loan, that one rebate point would equal a $1,000 credit towards your closing costs. Note that you can't get any cash from rebate points-- and they can only pay for some of your closing costs. Costs they don't cover Rebate points don't cover prepaid hazard insurance, prepaid interest, mortgage insurance impounds, hazard insurance impounds, and property tax impounds. Cost calculator Here's a simple Cost calculator to help figure your loan costs. Find out your loan costs Getting approved for a low cost loan has never been easier, go here>