DISCLOSURE STATEMENT: The rates displayed here do not constitute an approved offer of credit. Rates are based on a home purchase loan, 60 day rate lock, FICO score of 740 and a loan amount of $250,000. The quote provided is as a courtesy and none of the included terms are binding or guaranteed. Your actual rate and payment could be higher. A total closing costs estimate will be provided after loan application on the Loan Estimate disclosure, and will include any additional fees associated with your choice of loan product.

When looking at rates, it’s important to understand a few things, including the APR, closing costs, and points.

What is APR?
It’s the interest rate for a whole year applied to the loan. It’s sometimes easier to look at the APR as a fee charged by the lender.

Why Lock a Rate?
When applying for a mortgage, you will have the opportunity to lock your rate before signing the paperwork. This lock could save you thousands of dollars if the rates rise and you are able to keep your lower rate.

What are Closing Costs?
Paid by either the buyer or the seller, these are fees paid at closing when the property title is conveyed to the buyer. Closing costs are often based on a percentage of the total sale of the home.

What are Points?
If you want to lower the APR of your loan, you can do so by paying a percentage of the total loan amount. This is called buying points.