A point is a percentage of the loan amount, or 1-point = 1% of the loan, so one point on a $100,000 loan is $1,000. Points are costs that need to be paid to a lender to get mortgage financing under specified terms. Discount points are fees used to lower the interest rate on a mortgage loan by paying some of this interest up-front. Lenders may refer to costs in terms of basic points in hundredths of a percent, 100 basis points = 1 point, or 1% of the loan amount.
We have been helping customers afford the home of their dreams for 42 years with over $ 1.5 billion dollars in closed residential loans and we love what we do!
Illinois Mortgagee License # MB 6761275
Florida Mortgage License # MB 4398
Company NMLS: 1656794
Regulated by: Illinois IDFPR-Director Rehwinkel 1 555 West Monroe St, 5th Floor, Chicago, IL 60661
888-473-4858
Gary DiCicco
President and Managing Partner
1890 S 14th St Suite # 140
Fernandina Beach, Florida 32034
840 S. Northwest Highway Suite #202
Barrington, Illinois 60010
Phone: (847) 717-9005
Fax: (800) 466-8091
gdicicco@p1mc.com
NMLS: 218864
IL 031-0049845
FL LO84443
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