What Is APR?

By Mortgage News January 29, 2020

APR stands for Annual Percentage Rate and is commonly stated by Mortgage banks and lenders on the financial documents that they give to their customers. It is a yearly percentage of the interest rate charged for the money you are borrowing, plus finance charges, plus any upfront fees,it is the sum total of these items quantified in a yearly figure (percentage). Borrowers often want to know the APRs to compare lenders, but knowing just this figure is not going to give you a realistic comparison. 

Watch video to find out:

  1. What APR means and why it is not the best comparing indicator 
  2. What numbers you should ask your loan officer to compare lenders

 

There is no such thing as a good APR, it does not mean you are getting the best deal if the APR  is lower with one lender compared to another. APR is required to be disclosed to you by lenders but it can be confusing if you do not know the true representation of it and how it is calculated. Don’t just base your judgement on this one figure alone, know your numbers!

I hope this video was insightful to you. Please share and leave us feedback because we love to hear from you! Until next time…

 

About the Author
Karan Singh
Karan Singh
My brand thrives on building meaningful relationships with clients, colleagues, and co-workers. Consider me your passionate ally in helping you and your family craft a future as solid as the foundation of your dream home.

For the past 8 incredible years, I’ve been on a mission to turn the elusive “”American Dream”” into a tangible reality for home buyers. Think of me as your guide, relentlessly searching for that perfect home at the perfect price. And for sellers, I’m the secret weapon to ensuring your property gets snatched up for top dollar, faster than you can say “”sold!””

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