Restart
9 of 10
A discount point that is 1% of the purchase price of a house is a:
-
Loan Point
-
Bank Point
-
Credit Point
-
Mortgage Point
That's Correct!
It's Wrong!
A discount point that is 1% of the purchase price of a house is commonly known as a "Loan Point". This refers to a fee paid upfront by the borrower to the lender in order to lower the interest rate on the mortgage loan. By paying this fee, the borrower can reduce their monthly mortgage payments over the life of the loan.
