Mortgage payment calculator A review of the basics
Taking out a fixed rate loan when rates are low locks in the low rate for the life of the loan, even when market rates rise. * Points: A measurement of the fees homeowners pay for taking out or refinancing a mortgage. One point is worth 1% of the value of the mortgage loan. Legitimate mortgage loans have fees that add up to less than 5 points. If a mortgage you are offered requires fees of 5 points or more, it is probably being offered to you by an unethical lender.