Mortgage Dictionary
Select a term from the dropdown text box. The online mortgage
dictionary will display a definition, plus links to other
related web pages.
Select term:
Rate Sheet
One of the best ways to control interest
expense is through the wise use of
discount points.
With discount points, you pay a fee at closing to lower your
interest rate, which also lowers your interest expense.
The rate sheet is a list that shows the
discount points associated with each available interest rate.
If you ask for their current rate sheet, most lenders will
provide it.
The rate sheet is extremely useful. It allows the borrower to
evaluate each of the rate/fee options and
choose the option that minimizes total mortgage cost.
This analysis
is not hard. To see how it is done, read the
discount points case study.