* Assumes it is a 30-year loan for the amount of USD500,000. Rates subject to change.
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In exchange for a higher, one time and up front fee, Discount Points lower your interest rate and your monthly payment . Over the course of a 30-year loan, these Discount Points can save the borrower a significant amount of money. The Discount Points are totally optional for the borrower.
Each discount point paid lowers your interest rate by 25 basis points (0.25%) for the entire 30-year duration of the loan. The more points you have, the more you save on your loan payments throughout the loan term. Buying discount points is best suited for investors who intend to hold the property for a long period of time.
Lendai needs to make sure that the property’s tax bills and insurance premiums are fully paid on time. Lack of payments can create a tax lien which can lead to foreclose of the property by the authorities. If you do not pay the insurance, then the house is not covered in case of damages. Lendai and you are then excluded from coverage and may lose part/all of the investment.