BestRate Search Engine GuideThe explanation of the terminology used in the search output on BestRate.com is given below. | |
| Term | Explanation of term |
| Lender | The name of the mortgage company offering this rate. The mortgage company could be a bank, a S&L, a mortgage banker, a mortgage broker, or a consumer finance company. |
| Rate | The note rate. This is what the monthly payments are based on. BestRate rates are valid for purchase and rate & term refinance transactions. Rates may differ for cash-out refinance transactions. |
| Points | Points are up-front interest you pay to reduce the interest rate. 1 point is 1% of the loan amount. On a $100,000 loan, 1 point is $1,000. BestRate lets you search for lenders and brokers depending on how many points you want to pay. BestRate points quoted include both discount and origination points. |
| APR | APR is an acronym for annual percentage rate. The APR is designed to measure the effective or actual cost of a loan over its life. APRs were designed to help consumers compare loans among lenders / brokers. Different lenders and brokers include different fees and use different formulas when computing APRs, so do not compare loans solely on the basis of APRs. BestRate APRs are calculated based on a conforming loan amount of $160000, or Jumbo loan amount of $400000. Points/fees/rates may vary for different loan amounts. |
| Loan Fees | Transaction fees originate from many different sources. Two general categories of fees are 1) Loan (lender/broker) and 2) third party. Loan fees include points, processing, underwriting, appraisal, document preparation, administration, credit, flood certification, tax service, etc. Third party fees include title, escrow, closing agent, attorney, recording, notary, etc. Third party fees tend to be less variable compared to loan fees. When comparing lenders or brokers it is important to compare loan fees, since third party fees will be relatively constant. BestRate Fees quoted include all broker and/or lender fees as well as appraisal and credit report fees. Fees quoted do not include fees charge by the third parties including title companies, closing agents, inspection companies, home owners association, insurance companies, etc. |
| Lock | The number of days for which the specified rate can be locked. The BestRate minimum lock period allowed is 30 days. If you do not close your loan within the lock period, your rate may change. Lenders / Brokers have different rate-lock and re-lock policies. If your lock expires, lenders or brokers typically charge 1) an extension fee, or 2) the higher of the previously locked or new market rate. |
| Last Update | The last time the BestRate rate was updated for a particular lender or broker. |
| Details | Additional details on the loan program. |
BestRate PoliciesBestRate.com does not endorse any listed lender/broker. Information presented on Bestrate.com by lender/brokers are advertisements by the lenders/brokers, and Bestrate.com makes no guarantee, explicit or implied that the posted information is accurate.BestRate.com enforces strict policies of honesty and integrity for lenders/brokers who post rates. Any company engaging in "lowballing" or "bait-and-switch" tactics will be put on probation. If that company continues to disregard BestRate.com policies, they will be permanently removed from the site. Complaints about lenders/brokers should be forwarded to our research department. Please note that the rates listed represent the lowest rates currently available from the lender/broker for a loan product. The actual rates available to you will vary based on a number of factors. Please note that these rates are only available to qualified applicants and assume excellent credit. For more information on rates, please click here. Tips on using BestRateBestRate offers you a quick and easy way to find the Best Mortgage Rate on the Internet. Shopping for mortgage rates can be fun when you follow these simple steps:
How do you find the Best Rate?
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