What is the annual percentage rate of the mortgage interest?
To effectively compare different lenders’ programs, ask for the annual percentage rate, or APR, of the mortgage interest, which is generally higher than the initial quoted rate because it includes all lenders’ fees. For more information, see the section on The Lender’s Role, and Your Rights. 6. What are the points or origination fees on the loan, if any? Points are prepaid mortgage interest, and you may have to pay points at closing in order to get a lower interest rate on your mortgage loan. For more, see section on Points: Not Always Better Than No Points. 7. Can I lock in the interest rate? The interest rate of the mortgage you’re applying for may go up or down before you close on the home. That’s why it may be wise to lock in the rate for a specified period of time, rather than let the rate float until the closing. Be sure to ask the lender if there is any fee for locking in the rate and whether you also can lock in points. To keep up with the daily changes in rates, check out bank
