2 mortgage rates, one decision

Two lenders quoted me 6.40% and 6.55% while I waited for a coffee; I don't take the glossy pitch at face value.

- pause -

How I compare

• APR vs interest rate: total cost, not the sticker.
• Fees and points: are mortgage points explained, or just upsell?
• Lock window and float-down options: learn how to lock a mortgage rate without traps?
• Flexibility to refinance: how fast can I compare refinance rates later?
• Fixed vs variable mortgage: simplicity now versus risk later.

Bottom line

I check the best mortgage rates today, then pick the simpler offer unless the other saves real money. If I might move or refi soon, I prefer lower fees; if I'll stay put, the lower APR wins. Flexibility beats tiny headline differences.