Felicia decided to purchase 2 points in order to lower her interest rate on her $149,000 mortgage. How much additional money doe
s she need to bring to closing
1 answer:
Answer:
$2,980
Step-by-step explanation:
Mortgage points is a term used by a mortgage brokers and it is usually referred to the percentage of the loan amount.
From the given question:
Felicia decided to purchase 2 points in order to lower her interest rate on her $149,000 mortgage
the 2 points that Felicia purchased is equivalent to 2% i.e 0.02 points
Thus; the additional money she need to bring to closing is calculated by the formula:
cost = points × loan amount
= 0.02 × $149,000
= $2,980
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