Mortgage Answers / Rates & Transparency
The Short Answer
Read the assumptions and the itemized costs behind the rate. Compare the note rate, APR, broker compensation, optional points, lender fees, credits and lock terms on matching offers. A low displayed rate alone is not proof of the lowest total cost or of a misleading offer.
Transparent Rates. More Options. Better Answers. Start with the details, not just the headline.
Explore Your OptionsAsk what the displayed number includes.
A rate promise
Real offers still need review.
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A screenshot can leave out important assumptions and costs. Ask for written details before comparing or committing.
Find the date, loan type, amount, down payment, example qualifications, points and lock period.
Ask for the rate, APR and itemized fees on a written offer for your situation.
Do not call the offer the best or misleading based on one number. Ask which assumptions explain it.
In WWBT's disclosed examples, 1.500 Points identifies fixed borrower-paid broker compensation. It is not 1.500 optional discount points. Separate lender pricing adjustments and optional buydown costs.
Ask what the label means in the actual offer. In the approved $320,000 base-loan example, 1.500% equals $4,800 of borrower-paid broker compensation.
Keep that compensation separate from optional discount points, lender pricing charges and credits. Do not assume every borrower pays that same dollar amount.
Review the Loan Estimate and ask for clarification before comparing rates. Do not add the compensation percentage directly to the note rate to calculate APR.
Matching written offers let you check the real differences. There can still be different costs or conditions to understand.
Align loan amount, term, property, down payment, quote time and lock period.
Compare rate and APR alongside fixed compensation, optional points, other fees and credits.
Check payment, cash needed and your expected holding period. Ask about remaining differences before choosing.
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Read the assumptions and the itemized costs behind the rate. Compare the note rate, APR, broker compensation, optional points, lender fees, credits and lock terms on matching offers. A low displayed rate alone is not proof of the lowest total cost or of a misleading offer.
Matching written offers let you check the real differences. There can still be different costs or conditions to understand.
Start with the loan terms, full monthly payment and estimated cash due at closing. Then review fees and compare offers on the same assumptions. Ask about anything that differs from what you discussed.
Neither a broker nor a bank is always cheaper. A broker can compare available lender options; a bank may offer its own loans. Compare actual offers using the same borrower, property, loan amount, term and timing, including all fees.
The interest rate is used to calculate interest on the loan. APR also reflects certain borrowing charges, which can include points and borrower-paid broker fees. That is why APR can be higher. Do not add a fee percentage directly to the interest rate.
Read the assumptions and the itemized costs behind the rate. Compare the note rate, APR, broker compensation, optional points, lender fees, credits and lock terms on matching offers. A low displayed rate alone is not proof of the lowest total cost or of a misleading offer.
No. Educational examples are not live quotes, personal offers, savings promises or loan approvals. Actual terms and lender requirements apply.
Use matching written offers. Review the interest rate, APR, broker compensation, optional points, lender fees, credits, payment, cash needed and lock terms.
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Fayetteville, NC
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Show Low, AZ
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Boulder, CO
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