You may hear people talking about “points” or charging a “point” on a loan; what does this mean?
A point typically represents the origination fee charged by the lender to originate the loan; One point is 1% of the loan amount.
Example: If you are applying for a $200,000 loan, a point would be $2,000, 2 points, the charge would be $4,000.
Most of the loans we originate do not include points because we are paid by the lender. In some instances, however, an origination fee is charged because the product requires it, or it allows us to broker a product to you that you may not otherwise be able to obtain, or to provide better terms for you.
If you are being charged an origination fee or points on a loan, contact us and we can go over it with you.
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