Mortgage APR, points etc...pls help

Hi All, I am looking to close on a co-op in NJ and my head is spinning. I have read and researched and asked a zillion questions to the lenders. However, I am still a bit lost as none them appear to be upfront with the needed details. No GFE or APR quotes without an app. but how to choose who to apply with? The lenders I am considering are Citibank, and Sovereign. If anyone has closed with either... [more]

Hi All, I am looking to close on a co-op in NJ and my head is spinning. I have read and researched and asked a zillion questions to the lenders. However, I am still a bit lost as none them appear to be upfront with the needed details. No GFE or APR quotes without an app. but how to choose who to apply with? The lenders I am considering are Citibank, and Sovereign. If anyone has closed with either I would love to hear how it went. Did they keep close to their quotes for closing costs/rates? I really could use some help understanding how this works. Here are the rates listed on their websites for a 30 yr fixed loan: Sovereign: rate is 3.625 and APR is 3.784 (no points) based on 30% down Citi: rate is 3.625 and APR is 3.773 (.625 points) based on 25% down If anyone can help me break this down it would be really great. It appears to me that citi would be the best rate because of the lower APR except I don't understand the points. Just how many points = .625 ? Also, if I am paying for several points shouldn't the APR be higher? P.S. Citi's closing cost appear to be about $560. lower than Sovereign's THANKS SO MUCH!!! [less]