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No point in paying loan fee.

Publication: The Washington Times
Publication Date: 19-JAN-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: No point in paying loan fee.(FRIDAY HOME GUIDE)(MORTGAGE Q&A)

Article Excerpt
Byline: Henry Savage, SPECIAL TO THE WASHINGTON TIMES

While visiting the Charleston, S.C., area over the holidays, I picked up a local newspaper and saw an article headlined: "Want to Avoid the Origination Fee? Think Again."

Having promoted the idea of avoiding origination fees during my entire mortgage career, it perked my interest.

The piece was written by a local mortgage loan officer who works for a very large national bank. The writer basically concluded that it makes more sense to pay at least 1 point in order to receive a lower interest rate.

One point, sometimes called an origination fee, is equal to 1 percent of the loan amount, paid upfront at the time of...

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