These are live rates that you could lock as of the moment the search is done. Under More Specific Options, you can enter the number of days the loan can be locked, full documentation options, Military for VA veterans, Interest Only option, Hazard Insurance Waived, Property Taxes Waived, First Time Home Buyer, Non-Permanent Resident Alien and Foreign National loans
Understanding the Results
Rate is the actual interest rate that you will have for the selected loan.
Disc Points is the percentage of the loan that will be charged (no negative sign in front of the rate) or credited (the negative sign in front of the rate) to you. For example, if you see a 5% interest rate with -1.250% under Disc Points, it means that 1.25% of the loan amount will be given to you as a credit at closing. Lender credits are what is used for the CCAP program.
APR is the annual rate charged for borrowing or earned through investment and is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan. This is not your interest rate.
Months are the number of months that the loan will be financed.
Payment is the principal and interest portion of the monthly payment. It does not include real estate taxes, homeowner’s insurance, mortgage insurance or association fees.
30 Year Fixed Conforming is a Conventional Loan, 30 Year Fixed Non-Conforming is a Subprime, Self Employed, or Investor Loan. 30 Year Fixed Affordable Products are products for first-time homebuyers and have an income ceiling.