If your lender charges 1.5 mortgage points on a house selling for $100,000,on which there is a $90,000 loan,the points will cost you ____________.

Question

If your lender charges 1.5 mortgage points on a house selling for $100,000,on which there is a $90,000 loan,the points will cost you ____________. ​

Quizplus · Accepted Answer

To calculate the cost of mortgage points, we need to first calculate the total cost of the house. In this case, that would be $100,000. Then, we need to calculate the cost of the loan, which is $90,000. The lender is charging 1.5 mortgage points on the loan amount, which is $90,000.

To calculate the cost of the mortgage points, we simply multiply the loan amount by the number of points:

$90,000 x 0.015 = $1,350

Therefore, the cost of the mortgage points is $1,350. Option A) is the correct choice.

If Your Lender Charges 1