A point is one percent of the loan amount. It may also be referred to as 100 hundred BP or bips.
All right. So that’s a common word there in the mortgage industry is a point one percent. So somebody might say that we have a one percent origination fee or one point origination that would be one percent. And then you might also hear them refer to it as a bit so they could buy a rate down and it might be 50 bips lower or it might cost 10 bips. And what that is, is a basis point.
So it’s a hundredth of what it is. And you go over there and there’s one hundred bips per one percent. So Abib is one one hundredth of a percent or a BP. That’s real estate, where the day that Shauna, thanks a lot for that one, Shana.