1. general advice when shopping for mortgage is to look for competitive rates and a lender with a reputation for integrity and good service.

2. Comparing prices is always important, but not easy. A variety of fees a lender may charge could begin with the submission of the loan application, to discount points which are usually the larger fee on a mortgage. Two points more on a loan is a significant increase since it changes the effective interest rate significantly.

3. The annual percentage rate (APR) is a standard expression of credit costs that give borrowers the ability to compare lender’s total finance charges. It is the relationship of total financing charge to the total amount financed or in other words the effective interest rate for a mortgage loan repaid over its full term.

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