Mortgage Dictionary

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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.

See also:   How to Control Mortgage Costs