When you’re shopping for a mortgage, it’s tempting to compare APRs — after all, that’s what the government designed APR for. The problem is that APR is one of the least reliable numbers in a mortgage quote. Here’s why, and what to look at instead.
Why APR Isn’t the Best Way to Shop Mortgage Rates (And What to Use Instead)
October 3, 2012 by 1 Comment
What Goes Into a Mortgage Rate Quote? 10 Factors That Affect Your Rate
March 22, 2012 by 3 Comments
One of the most common questions I get is some version of “what’s your rate?” It’s a fair question — but the honest answer is: it depends. Mortgage rates aren’t one-size-fits-all. They’re priced individually based on the specific details of your loan, your property, and you as a borrower.
Here’s what I actually need to know before I can give you an accurate rate quote — and why each factor matters. [Read more…]
