The points that come with a specific loan type can be the biggest amount you’ll be paying. Each of those points is pretty much a percentage of the home loan’s total amount. Talk this through with your lender. That way, if you’re looking to file for residency on a long term basis, you’ll want this option to keep the interest rates low. However, keeping the property for just a limited amount of time renders the using of points useless.
If you are looking to borrow a loan for that residential property, make sure you are prepared. Ask yourself some questions such as, “how much is my down payment?” “Should I go for a condo or a single-family home?” “Am I really purchasing or just renting out space?” “Will I be taking care of the insurance myself?” The answers to these questions will greatly affect your loan and mortgage options.