What are Mortgage Points and Should I Buy Down my Interest Rate? #interestrates

What are mortgage points and should you buy down your interest rate? In episode 13 of Real (Estate) Talk, our experts Joe Rath and Courtney King discuss mortgage points and when you should consider buying down your interest rate. Real (Estate) Talk answers your most-Googled questions about the housing market, including mortgage rates, finances, and more. This video is not intended as a solicitation if you are represented by an agent. The content is for informational purposes and should not replace professional counsel from a licensed attorney, financial advisor, or tax professional. Please confirm the suitability of referenced services independently. Here’s what we’ll cover in today’s video: 0:00 - Intro 0:25 - What are mortgage points? 0:48 - How do mortgage points work? 1:30 - Sellers may offer a rate buy down to buyers 2:42 - When is it a good idea to buy down your mortgage interest rate? 2:51 - #1. You plan to stay in your home for a long time 3:07 - #2. There are unfavorable market conditions 4:03 - #3. Your credit score and overall financial stability 5:04 - #4. You have the cash available 5:48 - Understand the terms of the buy down 6:54 - Are mortgage points worth it? 8:55 - Outro Homebuyer Resource: https://www.redfin.com/blog/buying-mo... Download the Redfin app: https://www.redfin.com/mobile Real (Estate) Talk Playlist:    • Real (Estate) Talk   Links Redfin.com: https://www.redfin.com/ Instagram:   / redfinrealestate   X: https://x.com/Redfin Facebook:   / redfin   TikTok:   / redfinrealestate   Blog: https://www.redfin.com/blog/ About Redfin: We pair the industry’s most experienced agents with our top-rated real estate app to help you buy, sell, or rent your perfect home. We’re here to help you discover real estate market insights, tips for home buyers and sellers, and more. California DRE #01521930 | Equal housing opportunity. #redfin #homebuyer #mortgagerates #realestate