The interest rate is the rate you agree to pay for your mortgage loan. It is used to determine the interest portion of your monthly payment. The annual percentage rate (APR) includes your interest rate plus any upfront costs and finance charges to obtain that rate or to close the loan. The APR is higher than the actual rate or effective loan rate because it annualizes the fees.
What is the difference between the interest rate and the annual percentage rate (APR)?
By admin|2015-11-24T00:50:52+00:00November 24th, 2015|Comments Off on What is the difference between the interest rate and the annual percentage rate (APR)?
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