Comments on: Taking Points http://blog.redfin.com/losangeles/2008/04/taking_points.html Redfin Los Angeles Sweet Digs Sun, 22 Nov 2009 17:43:07 -0800 http://wordpress.org/?v=2.8.1 hourly 1 By: Ellie at Redfin http://blog.redfin.com/losangeles/2008/04/taking_points.html/comment-page-1#comment-10871 Ellie at Redfin Sat, 05 Apr 2008 01:20:16 +0000 http://blog.redfin.com/losangeles/2008/04/taking_points.html#comment-10871 It's true. We bought a house in December and I did the calculation. For us it was just about five years, for a data point of one supporting your general rule. It’s true. We bought a house in December and I did the calculation. For us it was just about five years, for a data point of one supporting your general rule.

]]> By: A Columnist Who Gets It | Redfin Los Angeles Sweet Digs http://blog.redfin.com/losangeles/2008/04/taking_points.html/comment-page-1#comment-10822 A Columnist Who Gets It | Redfin Los Angeles Sweet Digs Fri, 04 Apr 2008 06:48:47 +0000 http://blog.redfin.com/losangeles/2008/04/taking_points.html#comment-10822 [...] Redfin posts:    More for Your Money in Westchester Taking Points Mixed Action at These [...] [...] Redfin posts:    More for Your Money in Westchester Taking Points Mixed Action at These [...]

]]> By: Tim Hebb http://blog.redfin.com/losangeles/2008/04/taking_points.html/comment-page-1#comment-10804 Tim Hebb Thu, 03 Apr 2008 21:04:50 +0000 http://blog.redfin.com/losangeles/2008/04/taking_points.html#comment-10804 Excellent "points," Dillon. Thanks for reading and commenting! - Tim Excellent “points,” Dillon.

Thanks for reading and commenting!

- Tim

]]> By: Dillon http://blog.redfin.com/losangeles/2008/04/taking_points.html/comment-page-1#comment-10794 Dillon Thu, 03 Apr 2008 18:19:17 +0000 http://blog.redfin.com/losangeles/2008/04/taking_points.html#comment-10794 In this market, it's not uncommon to ask the seller to pay for some or even most of the closing costs, which include points. I would consider that in the negotiation as well. For example, let's say there's a $5k difference between you and the seller. Try meeting the seller's price, but ask him to pay for $3K in your closing costs. And apply that to the points to lower your rate. It may lower your monthly payment enough to wipe out that $5k difference. Also, points are deductible just like mortgage interest, even if the seller pays for it. In this market, it’s not uncommon to ask the seller to pay for some or even most of the closing costs, which include points. I would consider that in the negotiation as well.

For example, let’s say there’s a $5k difference between you and the seller. Try meeting the seller’s price, but ask him to pay for $3K in your closing costs. And apply that to the points to lower your rate. It may lower your monthly payment enough to wipe out that $5k difference.

Also, points are deductible just like mortgage interest, even if the seller pays for it.

]]>