Point

One percent of the total loan amount

Loan rate points can be either positive (discount points) or negative (rebate points).

The more positive points you choose to pay up-front, the lower your interest rate will be. For every point you pay, your rate will go down by about .25%.
On the other hand, you can opt for a loan with a higher interest rate in exchange for a rebate, which will give you a credit towards paying some of your non-recurring closing costs, such as title insurance, appraisal and origination fee.

can’t get any cash back from You rebate points.