The number on the quote is not the whole cost
A 6.5% note rate is the interest charged on the unpaid principal. It is not APR, it is not the payment, and it is not a promise that two lenders quoting 6.5% will cost the same. One may be charging a point. One may be buying the rate down with a credit. One may have a worse lock desk. The rate is a starting fact, not the decision.
APR exists for a reason
APR folds in certain prepaid finance charges so you can compare apples to apples on a Loan Estimate. It is imperfect—it assumes you keep the loan for the full term, and it does not capture every overlay or future refinance. Use it. Do not worship it. If two APRs are close, look at cash to close, lock length, and whether the underwriting box actually fits your file.
Points are a trade, not a discount coupon
Paying a discount point (typically 1% of the loan amount) buys a lower note rate. Whether that pays off depends on how long you keep the loan, not on a slogan. If you might sell or refinance in three years, buying a heavily pointed rate is often a donation to the lender. We will run the break-even in actual dollars before you lock.
A lock is a contract with a clock
Until you lock, the quote is a snapshot. After you lock, the rate is held for a stated number of days while we underwrite and close. If the file is not ready—missing tax returns, a condo questionnaire, an appraisal delay—the lock can expire and the market can move against you. That is why we talk about the calendar before we talk about a teaser number.