(the rate you really get), the qualifying rate(the lender used to qualifying your loan) and APR.
Only the Note rate is the rate you will have. For APR, it's used for the borrowers to compare which rate is better for them.For example, 5.5% with 2 points, and 6% with zero points, both for 30 yr fixed. A lot of people can not tell which one is better, compare APR will help.
But is APR lower the better? Not necessary. For the above example, you may have 5.75% APR with 5.5% plus two points, and 6.14% with 6% and 0 points. Unless you stay there long enough, then the first option is better.
Only the Note rate is the rate you will have. For APR, it's used for the borrowers to compare which rate is better for them.For example, 5.5% with 2 points, and 6% with zero points, both for 30 yr fixed. A lot of people can not tell which one is better, compare APR will help.
But is APR lower the better? Not necessary. For the above example, you may have 5.75% APR with 5.5% plus two points, and 6.14% with 6% and 0 points. Unless you stay there long enough, then the first option is better.
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