When you use this particular product to finance a home purchase, you'll have the same mortgage rate for the full 30 - year term (or until you sell or refinance the home). (homebuyinginstitute.com)
The APR incorporates the mortgage interest rate and closing costs, so if you have two quotes offering the same mortgage rate, the lower APR indicates lower closing costs. (fhaloanpros.com)
MBS consist of loans with the same mortgage rates and maturity dates. (fhaloanpros.com)