7544 W. North Ave., Elmwood Park, IL 60707 • 708.452.5151

A Point means “per cent”.  One Point = 1 Per cent.  It is a closing fee paid to the lender up front at closing in exchange for a lower interest rate for the life of the loan. 

For example, 4.50% with zero points = 4.375% with 1 Point=4.25% with 2 Points, etc. 

Your Loan Officer can do calculations and let you know which option is best for you.