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The federal government supports the annual percentage rate (APR) disclosure as the benchmark barometer of a loan’s cost when mortgage shoppers begin their quest to find a good deal on a home loan.
The APR for a given loan is typically higher than the mortgage interest rate. An APR is never used to calculate your monthly payment. Understanding mortgage interest rates. A mortgage payment is made up of the principal and the interest. The principal is the money you borrowed from your lender.
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The APR, or annual percentage rate, on a mortgage reflects the interest rate as well as other borrowing costs, such as broker fees, discount points, private mortgage insurance, and some closing.
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APR reveals the true cost of your mortgage because it includes interest, points, fees and more. APR is generally higher than interest rate, but that’s not always a bad thing. Break it down with.
Since all lenders must follow the same rules to ensure the accuracy of the APR, borrowers can use the APR as a good basis for comparing certain costs of loans. (Remember, though: Your monthly payment is not based on APR, it’s based on the interest rate on your promissory note.)
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The APR is a broader measure of the cost of a mortgage because it includes the interest rate plus other costs such as broker fees, discount points and some closing costs, expressed as a percentage.
An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan.
Many people believe that the APR represents the “true cost” of a mortgage, and so they go with the lowest one they can find believing that they found the best.