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Should you pay discount points?

2140642.mediumThe low mortgage interest rates that you find online or in the newspaper aren’t necessarily what you’ll pay when you apply for a loan. Why? Because banks will charge you “discount” points to get the best rate, which adds to the cost of the loan.

Points, or discount points, are expressed as a percentage of the loan amount. The point “discounts” the interest rate, that’s why it’s referred to as a discount point. If your mortgage is $300,000, then one “point” is $3,000. For each point you pay, your interest rate should be reduced by about ¼ percent.

On a 30-year mortgage loan at $300,000 and 5.00%, the monthly payment works to $1,610 without any points.Paying one point ($3,000) would reduce the rate to 4.75%, making your discounted payment $1,564 per month.

That’s a reduction of $46.00 per month. Now weigh the cost of $3,000. To get that, divide $46 into $3000. The result is 65. It will take you 65 payments to break even, nearly 5 ½ years. It’s worth it if you’re planning to stay in your home for 5 to 10 years or longer. If not, you’re far better off using the $3,000 to pay down your loan principal or buying furniture for your home.

There’s another way to get the best mortgage interest rate – that’s to have the best credit scores possible. Those with near or perfect credit are considered low risk by banks. As always, consult your financial advisor for more information about home loans.

134 Freeboard Drive Moneta, Virginia

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Welcome to 134 Freeboard Drive, Moneta Virginia

A stunning Smith Mountain Lake home, where sunrises or sunsets can be seen from almost every room. Designed by renowned architect Danny Goins, this Frank Lloyd Wright inspired home is perfectly situated on a level point lot, offering a truly unique waterfront experience. Panoramic views are delicately framed by rounded windows in the great room and billiard room above. Impressive finishes both inside and outside the home include a dockside bath pavilion with covered walkway, Pennsylvania Bluestone retaining walls, Brazilian Cherry plank flooring, African Mahogany cabinetry, and rare Mahogany Blue Eyes granite. Located in The Waterfront Golf & Country Club, just minutes to Westlake Towne Center. Complete details available, visit http://www.134freeboarddrive.com/ .

Third Quarter Smith Mountain Lake market report

Debbie-Vicki_Market-Report-Ad_1st-HALF-2016

Single family homes and condo sales are still ahead over last years data, however the momentum has slowed down since the first half of 2016.

For all categories, we are still on speed  for a nice increase in total number of sales over 2015.