Brayan is charged 2 points on a $120,000 loan at the time of closing the origina
ID: 2264058 • Letter: B
Question
Brayan is charged 2 points on a $120,000 loan at the time of closing the original price of the home before the down payment was $140,000 how much do the points in dollars cost Brayan Brayan is charged 2 points on a $120,000 loan at the time of closing the original price of the home before the down payment was $140,000 how much do the points in dollars cost Brayan Brayan is charged 2 points on a $120,000 loan at the time of closing the original price of the home before the down payment was $140,000 how much do the points in dollars cost BrayanExplanation / Answer
A mortgage point is a fee equal to 1 percent of the loan amount ,
therefore
2 points = 2% of $120,000 = 2/100 *$120,000 = $2400