Worth Paying Mortgage Points?
Good evening, I'm in the middle of purchasing a 2 family property for $274k here Central Jersey. I believe I can get a total of $3,300 total rental income. I'm talking to my lender about locking in my interest rate. My question is it worth paying points?
4.375 $890 Credit Back Day of Closing
4.250 $690 Cost - Save $18 month or $6,480 in 360 Months
4.125 $1,211 Cost - Save $37 month or $13,320 in 360 Months
4.00 $1,581 Cost - Save $55 month or $19,800 in 360 Months
What would you guys choose?
I'd honestly would like the extra $55 monthly cash flow.
I'm seeking to hold this property for possibly 8-10 year, it's kind or hard to plan long term but it's defiantly an investment property. This would also be my first deal and I'm planning on getting another deal within 6-12 months. Thank you in Advance.