The reason is that what contractors might charge to remove the current flooring, especially in cases of tile and hardwood, can vary wildly. Installation costs can vary just as much, so we would recommend contacting 2-3 contractors and asking how much they charge per square foot for removal and installation of flooring.
Multiply the amount of your loan times the total number of points as a percentage. Using figures from the above steps, the three points bought with a $400,000 mortgage would cost $12,000: $400,000 x 0.03 = $12,000.
Advertised rate assumes: 15-year, fixed-rate, 1st lien, purchase money mortgage on a Single Family, primary residence; loan amount of $193,200.00; loan-to-value ratio of 65%; credit score of 720; DTI of less than 43%; and monthly escrowing of taxes & insurance.