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In this case, you are buying a house and your mortgage company/bank offers to let you buy a point (1% of the loan amount) to

In this case, you are buying a house and your mortgage company/bank offers to "let" you buy a "point" (1% of the loan amount) to reduce your APR from 6.5% to 6.25% on your $400,000, 30-year mortgage. ...

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