Buying Down Interest Rates

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Buy-down refers to a reduction in the interest rate of a loan. This reduction is often compensated by a payment made when the loan is taken out, either by the borrower or the lender.This payment, when made by the buyer, is known as buying discount points.

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Another way you may be able to save money is by buying down your interest rate with points. How buying down the interest rate with points works. points, also known as discount points and loan origination fees, are a form of prepaid interest on a mortgage.

Costs. The cost of buying down a mortgage rate is quoted in discount points. A single point is 1 percent of the loan amount. For example, if a lender quoted a certain rate with a cost of 2.

The question of whether to buy down your interest rate is a question of short-term vs. long-term planning. With down payments, closing costs and all of the additional expenses associated with buying a new home, a lot of home buyers are tapped out right at the start. Coming up with extra funds.

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