Other experts say buyers purchasing mortgage points can be a great strategy for the right situation. Being able to lower that monthly payment can really help give some more wiggle room in people's budgets and help them reach affordability. "Being able to lower that monthly payment can really help give some more wiggle room in people's budgets and help them reach affordability," Bachaud said. In addition to higher upfront costs, home buyers should also weigh other factors before buying mortgage points. But putting those sums toward a down payment likely will not make much of a difference on your monthly costs, Elliott said.

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Persons: Getty, Grubbs, Nicole Bachaud, Bachaud, Kamila Elliott, Atlanta . Elliott, Elliott, Stephanie Grubbs Organizations: Fed, Zillow, Wealth Partners, CNBC, Douglas Locations: Atlanta ., Douglas Elliman