Mortgage APR: What is the Difference Between a APR and the Interest Rate

Mortgage APR: What is the Difference Between a APR and the Interest Rate. Open Mortgage Core Values

Mortgage APR: What is the Difference Between a APR and the Interest Rate video duration 1 Minute(s) 7 Second(s), published by GP Theriot - Mortgage Originator on 27 03 2014 - 17:23:41.

The annual percentage rate (APR) is designed to show you the total cost of the loan, which can be helpful when comparing loans from different lenders Reverse mortgage qualifying rules change on Apr 27th
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The annual percentage rate (APR) is designed to show you the total cost of the loan, which can be helpful when comparing loans from different lenders. \r
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The annual percentage rate measures both the interest charged as well as any other fees paid at closing that may include:\r
• Origination fees \r
• Private Mortgage Insurance Insurance if you put less than 20% down. \r
• Discount points\r
• Pre-paid interest \r
• Processing fee\r
• Underwriting fee\r
• Document preparation fee\r
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The APR is intended to help you calculate the true cost of borrowing, as it prevents lenders from advertising low interest rates and tacking on fees and other costs that drive up the cost of the loan. \r
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APR does not include third party costs such as:\r
• Title fee\r
• Escrow fee\r
• Notary fee\r
• Home inspection fee\r
• Transfer taxes\r
• Credit report\r
• Recording fee\r
• Appraisal fee\r
• Notary fee\r
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It's important to keep in mind that APR spreads the fees paid upfront over the entire life of your loan. If you do not plan to keep your mortgage for the full term or plan to refinance, it may not be a good calculation for you to compare. \r
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We like to think of it as kind of giving you the big picture of the overall cost of the financing, but the interest rate itself is what's used to calculate your mortgage payment.