Proud Local Founding Partner of the First Tee of the Virginia Blue Ridge.  http://www.thefirstteevirginiablueridge.org/

Should I pay points to lower my interest rate?

Normally paying point depends on how long you plan to keep the loan.   If you plan to stay in the property, without refinancing for a least a few years then paying discount points to lower the loan's interest rate is a good way to lower your required monthly loan payment, and possibly increase the loan amount that you can afford to borrow. However, if you are unsure about how long you will stay in the property or think you may want to refinance the loan in the next 5 years, your monthly savings may not be enough to recoup the cost of the discount points that you paid up-front.  Your loan officer can help calculate whether or not it is beneficial to pay points.

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