what is "total points" on a mortgage?

[Petya Toncheva]

Hi everyone, I was just approved for the below loan for a 2 family investment property. I am trying to work out the numbers to see if I have a deal in the property I am looking at. I would love to get some advice from you all. I have a couple questions, first off: Below I highlighted the "total points", any idea what that means? 

LOAN SUMMARY

Loan Amount: $412,500.00 Total Points: 3.000%

Product: 30 Year FRM Loan Purpose: Purchase

Loan Term: 360 months Rate Commitment Option ("RCO"): 60 Day Float

Initial Interest Rate: 4.750% Rate Lock Expiration Date:

Initial Monthly P&I Payment: $2,151.80 Commitment Expiration Date: 06/28/2022

Property: Connecticut

Sales price: 485000

2 family 

Taxes: 5,908

INS: 1700 per year

Rental income : 3300 a month