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Plan carefully before you build. Take the time to understand your lot, the soil, and local regulations. Next select a plan that works for you and your site. Then look at ways to finance your dream home from conception through construction.
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| | BobVila.com > Channels > Finance > All Tips > Discount Points
 Discount Points
Discount points allow you to lower your interest rate. They are essentially prepaid interest, with each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage, the interest rate is reduced by 1/8 (or.125) of a percentage point. When shopping for loans, ask lenders for an interest rate with 0 points and then see how much the rate decreases with each point paid. Discount points are smart if you plan to stay in a home for some time since they can lower the monthly loan payment. Points are tax deductible when you purchase a home and you may be able to negotiate for the seller to pay for some of them.
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