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APR and other considerations

The overall price of a mortgage goes beyond just the interest rate; it includes discount points, loan origination charges, and other required charges. Unlike a loan's interest rate, the annual percentage rate (APR) takes these other loan expenses into account and expresses the result as a yearly rate.

Comparing APRs is a good way to explore options if you compare similar loans for the same loan amount. Before you decide on a loan, you should also consider the up-front cash you will be required to pay.

If you expect to sell the house within the next few years, you need to weigh if it is cost effective to pay points to get a lower interest rate for just a few years.

Other considerations

Think you've found the interest rate you want? In addition to the useful information provided by the APR, be sure to evaluate other criteria before selecting a loan. Look at the whole package and evaluate your long-term objectives. Sometimes, a loan with a higher rate may offer other benefits not evident in rate differences alone.

Some additional factors to keep in mind when selecting a loan:

  • What is the lender's reputation for quality and customer service? 
  • Will the lender be there for you if you need assistance? 
  • How long will you need to wait for loan approval? 
  • How long do you have to lock loan pricing and what costs are involved? 
  • If you do lock the interest rate range, do you have any options if rates go down? 
  • What are the loan's down payment and closing cost options? 

Wells Fargo can help you explore options based on your individual situation. 

Customize and compare your options

Once you've learned about our products or you have an idea of what you're looking for, take a look at loan scenarios you may be interested in. Answer a few questions on our interactive tool to:

  • Find up to seven loan scenarios based on your needs 
  • See sample interest rates, payments, and estimated closing costs 
  • Review, customize, and compare your options

Find the right loan for you

Customize and compare rates, payments, and estimated closing costs.

Get started

To discuss your options or to apply, talk to a home mortgage consultant today.