Great article, except I would not recommend forgetting about the APR. Like you said the APR takes into account all the fees that are payable when you get a mortgage and amortizes them over the life of the loan. For the average consumer they typically shop rate(sometimes fees). The APR is there so that you can make sure that you are comparing apples to apples. You see this everyday with the DITECH advertisements on TV. They advertise a very low rate, but in the fine print it cost 1.5 discount points just to get there. APR is there so that at least you can compare.

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