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laying down the interest rate using Mortgage points this video will cover what exactly are Mortgage points how are they calculated and how do you know if theyre right for you [Music] so Mortgage points what are they so Mortgage points are a percent of the loan amount so mortgage points arent always an even number theyre not always one percent or two percent or three percent they can be 0.25 or 0.75 percent so Im going to give you a couple of examples but points in general a percentage of the loan amount thats charged you can consider it buying the interest rate down to a lower amount so when you pay points its a one-time closing cost paid at the time of closing and it lowers your interest rate to a certain amount permanently for the life of the loan so theres a lot of savings there so Ill teach you a quick way to calculate to know are these upfront costs going to benefit me for how many years when is my recoup time so thats what were going to learn in this video so lower rate