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Mortgage education · 6 min read
A smarter way to shop mortgage rates
How rate, APR, points, fees, lock periods, and lender service work together when you compare mortgage options.
Rate is not the only number
APR incorporates certain financing costs, while the interest rate drives principal and interest. Compare both alongside lender fees and cash to close.
Ask for the same scenario
A useful comparison keeps loan amount, term, lock period, points, and occupancy consistent. Otherwise, quotes may look different for reasons that are hard to see.
Think about your horizon
Paying points can make sense in some situations, but the break-even period should fit how long you expect to keep the loan.