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  Rebate Point Definition
Rebate Point If you're willing to pay a higher rate of interest on your mortgage, you can get a credit, referred to as a rebate point, to put towards your closing costs. How much your interest increases will depend on how many rebate points you receive. Each rebate point will equal one percent of your loan amount and will make your interest rate rise by approximately one-quarter of a percentage point. The rebates received cannot be received in cash and must be applied towards the non-recurring closing costs of your loan, such as appraisals and title insurance.

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