The difference between APR and Interest Rate

The difference between APR and Interest Rate. Stratford Mortgage Broker - Amazing Mortgage Interest Rates now

The difference between APR and Interest Rate video duration 4 Minute(s) 45 Second(s), published by Lizy Hoeffer on 06 05 2019 - 14:22:42.

Why is my “annual percentage rate” (aka APR) higher than my interest rate?u2063u2063u2063 u2063u2063u2063 This is a frequent question I get asked during the mortgage process, and Mortgage Points Explained: How and When to Buy Down Your Mortgage Rate Rates are going up so lenders are talking about points and buying down the .

Mortgage Interest Rates: How To Shop Lenders and Win! Depending on what lender you are talking to we are seeing as much as a 1% difference in rates, Visit https://www.okcalculator.com/mortgage-apr-calculator.html for the mortgage apr calculator
Mortgage rates can all look good at first sight, but the total cost I offer 1st and 2nd institutional and private mortgages for any credit situation
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Rachelle Czartorynskyj AMP Mortgage Broker Verico The .

Why is my “annual percentage rate” (aka APR) higher than my interest rate?\u2063\u2063\u2063
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This is a frequent question I get asked during the mortgage process, and the answer to this is rather confusing! \u2063\u2063\u2063
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The confusion starts with the name Annual Percentage Rate. it implies that this is the “interest” percentage that you pay annually for your house, your car, your boat, (your fill in the blank if it’s financed). \u2063\u2063\u2063
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While that is true to some extent, it does not explain that your APR includes way more than just interest. It includes ANY fees associated with obtaining financing. Which is why your APR is typically higher than your “locked in rate”!\u2063\u2063\u2063
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I break this down in more detail along with why financial gurus emphasize knowing this figure on today’s Money Tip! \u2063\u2063\u2063
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I would love to answer your finance questions! Let me know below if there is a topic you want us to break down in a future MTM! \u2063\u2063

Thank you for tuning in!!!

Lizy

lizyhoeffer.com
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