Discount points: Mortgage points or discount points allow you to pay some of the interest on your loan upfront in exchange for a lower interest rate over the life of your loan. One discount point costs 1% of your mortgage amount.

We'll discuss the difference between your interest rate and your annual percentage rate (APR) and how discount points affect your monthly payment. If you have specific questions or want to talk to an expert, prequalification is a great place to start.

Discount points: Mortgage points or discount points allow you to pay some of the interest on your loan upfront in exchange for a lower interest rate over the life of your loan. One discount point costs 1% of your mortgage amount.

Here are 10 questions to ask as a first time home buyer that will help you navigate the mortgage application process and learn more about everything from interest rates to closing costs.

Learn how to read and understand your monthly statement from Mr. Cooper, a mortgage servicer. Find out what information is included, how to view it online, and how to pay your bill.

Mr. Cooper offers mortgage buydown, home equity loan, and rate swap programs to help you buy or refinance a home. Learn more about their services, rates, and customer reviews.

Homepoint, a mortgage lender, has been acquired by Mr. Cooper, a servicer. Find out how to access your account information, contact support, and check your loan status depending on your situation.

If your credit score drops below 620 points, you will likely be subject to higher rates and may even have trouble acquiring a loan. If you fall under this range, it may be best to work on your credit score before you consider obtaining a mortgage.

A soft credit check is a way to check your credit report without affecting your score. Learn how it works, when it happens, and why it matters for your mortgage application.

Review Your Financial Health. Check Your Credit Score. Lenders use your credit score as one factor when determining your loan amount and interest rate. Most use credit reports from the three primary credit bureaus (Experian, Transunion, and Equifax) to evaluate your credit score.