Paying a point to refinance a mortgage means paying a percentage of the total loan up front. A higher mortgage interest rate often has no points, but a lower rate mortgage will often come with points that the borrower pays up front. The important thing to remember is to figure out the break even point for the life of the mortgage if you were to pay for points to refinance.

http://www.boston.com/business/personalfinance/managingyourmoney/archives/2009/07/should_i_pay_po.html

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