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There are a couple of big benefits to impounding your taxes and insurance. First – those payments will be rolled into your mortgage payment and made by the lender so that you don’t have to worry about paying them separately. Second – lenders will often give you slightly lower costs if you impound because they perceive it as better risk management on your part.

The most unpleasant part of doing impounds is having to prefund the account at the time you close your loan. Lenders often want up to 6 months in upfront reserves to make sure they have enough to pay the bill. This can increase your cash to close or your loan amount should you choose to borrow these funds.

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A point is simply one percent (1%) of the total loan amount. Points are typically charged to help get a lower rate or to pay bank costs / agent commissions. So for example, 1 point would be calculated as the following based on these loan amounts:

$100,000 loan = $1,000
$150,000 loan = $1,500
$200,000 loan = $2,000
$250,000 loan = $2,500
$300,000 loan = $3,000
etc…