No, they aren't the same thing but lenders often use the language to describe the same costs. A point is 1% of the loan value. It is a cost that you pay to receive a lower interest rate on a loan. It is deductible in the Your Home section.
Other Items on closing disclosure form
that may be deductible:
- interim interest paid
at the time of purchase (the charge at closing would normally be done for
interest up to the date of first payment).
-
real
estate taxes charged to you.
-
points -
On a refinance they need to be amortized over the life of the loan; unless
the points were used to improve your main home.
-
private
mortgage insurance but, if prepaid, only the
amount allocable to this year based on an 84 month amortization.
Other fees, such as commissions, attorney fees,
preparation of deed, abstract fees, owner title insurance, recording fees
are added to the basis of your home, and not deductible.
https://www.irs.gov/pub/irs-pdf/p936.pdf
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Yes
No
