Rates
Interest rates, explained
What a rate is, what it is not, and why this site will not quote one.
Interest rates, explained
Interest rates
Enter an example rate in the calculator to see how payment shape changes. Ask an officer for a Loan Estimate when you apply. Those are different tools for different moments.
01
The interest rate is the cost of borrowing the principal. APR includes certain fees and is a better comparison tool, still not your quote.
02
Credit, loan-to-value, occupancy, loan amount, lock period, and product type all affect pricing.
03
A friend’s rate from six weeks ago is not a data point you can underwrite to.
04
Hancock does not post a rate table here because live pricing goes stale by the hour and is easy to misuse.
Interest rate
The percentage applied to the principal. It drives principal-and-interest. It is not the whole cost of the loan, and it is not APR.
APR
A broader comparison that includes certain fees. Useful when you are comparing Loan Estimates. Still not a promise, still dependent on the assumptions on that disclosure.
What moves the price
The file
Credit, occupancy, loan-to-value, loan amount, property type. Two neighbors can be priced differently on the same day for boring reasons.
The product
A 15-year, a 30-year, an ARM, a jumbo, and a government loan are not one market. Do not compare them as if they were.
The lock window
Longer locks can cost more. You are paying for time. That can be the right purchase if the close date needs it.
Points and credits
You can pay to lower a rate or take a higher rate for a credit toward costs. That is a trade, not a trick, when it is disclosed.
From this guide
Common questions
Live pricing goes stale by the hour and is easy to misuse. An advertised rate is not your file. Enter an example in the calculator, then get a Loan Estimate when you apply.
Pricing
Your neighbor’s rate is not a quote.
Ask for a Loan Estimate on your file. Do not underwrite a billboard.
Ready when you are
The house is the point.
Whether you’re buying your first home, moving into your next one, refinancing, or exploring your options, we’re here to help you figure out the next step.