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To: j g cordes who wrote (30013)	12/2/1997 11:25:00 PM
From: Rick C.	Respond to of 58727

Jim~I've been reading the mortgage posts with only one eye open, but recall that you or somebody was considering refinancing when rates hit 7.20% with zero points. Points are not necessarily as toxic as they seem. For instance, closing costs are not tax deductable in first year. But points ARE. In closings, I always have my mortgage broker substitute the closing cost and fee amounts by adding 1 1/2 points, or whatever, to the deal. That way your defacto closing costs are totally deductable as points in the first year. This would probably mortify some banks, but works like a champ. It's your money. Let them adjust. Regards, Rick