It’s important to remember that the APR quoted in the disclosures is just one metric, and definitely not the only one you should be considering when shopping for mortgages. Many people believe that the APR represents the “true cost” of a mortgage, and so they go with the lowest one they can find believing that they found the best loan. However, this isn’t always the case.
Depending on the amount of time you plan to stay on your home, it may be beneficial to go with a slightly higher APR and avoid higher upfront fees.
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