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What exactly are pre-paids and exactly how will they be determined? What exactly are shutting costs?

What exactly are pre-paids and exactly how will they be determined? What exactly are shutting costs? Exactly what are points? Points, also called “discount”, are funds compensated at closing to enable you to get a lowered rate of interest when it comes to full lifetime of the mortgage. For instance, you may be quoted an interest rate of 7.375 with 0 points...