Reactions to story from Virginia Mountain Land for news about buying and selling VA mountain acreage and VA mountain lots.
Length Of Mortgage Will Determine Origination Points
http://www.va-mountain-land.com/ 2008/ 01/ 22/ length-of-mortgage-will-determine-ori...
It doesn’t make financial sense to pay for points to buy down the cost of a mortgage only to refinance the mortgage before reaping the advantage of the buy down. Apparently, however, that’s what virtually all home buyers do when they elect to include points to lower their interest rate with plans to save money over time, according to “Do Borrowers Make Rational Choices on Points and Refinancing?” a special mortgage study by Abdullah Yavas, an Elliott Professor of Business Administration at Penn State’s Smeal College of Business and Freddie Mac analyst Yan Chang.
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