Should I pay POINTS to buy down my monthly mortgage rate?

I had a conversation with a friend of mine the other day, discussing whether or not it's worth paying points to buy down the monthly cost of his mortgage. Of course this questions has long-ranging implications as it will directly impact the amount you'll pay each month. The bottom line is whether or not the amount of "points" you pay will give you a return on your investment that makes sense for you. I found a great web site (CLICK HERE) which asks you a few questions to compare two mortgage choices. After entering your info, the next screen shows you how long it will take to make it worth your while to pay points. A few key items, 1 point = 1% of your loan amount. When considering points, you're paying that amount up front at the time of refinancing or setting up the new mortgage. The more points you pay, the longer (years / months) it will take to make it worth your while. If you'd like more information on whether you should pay points or not, check with your local mortgage broker or agent. If you'd like my assistance in buying that house you've been looking at, give me a call or email me - I'd be glad to help you.