Points
Refinancing lenders often require a percentage of the total loan amount as an upfront payment. Typically, this amount is expressed in "points" (or "premiums"). 1 point = 1% of the total loan amount. More points (i.e. a larger upfront payment) will usually result in a lower interest rate. Some lenders will offer to finance parts of the loan themselves, thus generating so-called "negative points" (i.e. discounts).
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Famous quotes containing the word points:
“Type of the wise, who soar, but never roam—
True to the kindred points of Heaven and Home!”
—William Wordsworth (1770–1850)
“He is the best sailor who can steer within the fewest points of the wind, and extract a motive power out of the greatest obstacles. Most begin to veer and tack as soon as the wind changes from aft, and as within the tropics it does not blow from all points of the compass, there are some harbors which they can never reach.”
—Henry David Thoreau (1817–1862)
“A few ideas seem to be agreed upon. Help none but those who help themselves. Educate only at schools which provide in some form for industrial education. These two points should be insisted upon. Let the normal instruction be that men must earn their own living, and that by the labor of their hands as far as may be. This is the gospel of salvation for the colored man. Let the labor not be servile, but in manly occupations like that of the carpenter, the farmer, and the blacksmith.”
—Rutherford Birchard Hayes (1822–1893)