572 CHAPTER Twenty-Seven

572 CHAPTER Twenty-Seven

DIRECTIONAL GROWTH — The location or direction toward which the residential sections of a city are destined or determined to grow. DISCOUNT — To sell a promissory note before maturity at a price less than the outstanding principal balance of the note at the time of sale. Also an amount deducted in advance by the lender from the nominal principal of a loan as part of the cost to the borrower of obtaining the loan. DISCOUNT POINTS — The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate.