The NY Pre-Application Disclosure for Licensed Bankers (Cx5100) has been updated according to statute 3 NYCRR 38.3(b)(1) to include the following required information regarding discount points:
DISCOUNT POINTS:
Discount points should lower the interest rate paid on the loan but may not lower the overall cost of the loan. If you refinance or pay off your loan quickly, you will lose the benefit of any lower interest rate provided by the discount points. Furthermore, if you finance the discount points, this will increase the amount of money that you must repay to the lender and you will have to pay interest on the discount points as part of the amount you have borrowed.