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In real estate lingo, a point is one percentage point of the overall loan that is paid up-front, typically at the time of closing. For example, if you are borrowing $150,000 on a mortgage loan and will be paying three points, you will pay $4,500 up-front. Paying points generally lowers the interest rate on your loan.
To read the full story on AllBusiness.com, click http://allbusiness.businessweek.com/personal-finance/real-estate-mortgage-loans/3381-1.html
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