Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments.

Can you buy points on an existing mortgage?

The short answer is ‘no’. If you are going to apply a lump sum to a mortgage that is already in place, it should be applied to the principal. That will lower the total amount of interest you will pay over the life of the loan.

How many mortgage points can you buy?

How Many Mortgage Points Can You Buy? There’s no one set limit on how many mortgage points you can buy. However, you’ll rarely find a lender who will let you buy more than around 4 mortgage points.

Are there any misconceptions about buying a condominium?

A condominium can provide a less-expensive entry into the housing market, and is also a low-maintenance downsizing option for seniors. However, misconceptions about condominium ownership abound, which can often keep potential buyers from considering them as an option. They can also leave condominium owners frustrated by condo living.

How are condo fees determined by the board?

Also, remember that condo fees are determined by the condominium’s board of directors, which is made of owners just like you. In other words, no one is profiting from these fees – they are decided by owners who have to pay them just like you do.

What can unit owners do under the Condominium Act?

You asked what actions unit owners can take under the Condominium Act to contest decisions and actions taken by the association of unit owners’board of directors. You also asked if the act authorizes a unit owner to repair significant damage to his unit (but not the common elements) without the board’s approval.

Can a condominium be created before January 1, 1984?

The law allows condominiums created before January 1, 1984 to amend their declaration, bylaws, or surveys and plans to achieve any result CIOA permits regardless of what the applicable law provided before January 1, 1984 (CGS § 47-218).