APR stands for annual percentage rate. It tells you how much it costs to borrow for one year, including interest costs andto a loan. APR is the "price" of a loan quoted in terms of an interest rate. Interest rates are helpful because a rate can be used with any dollar amount.
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What is APR and What Does It Mean for a Mortgage Loan? – Purchasing a Home > What is APR and What Does It Mean for a Mortgage Loan? Date: 12/09/2006 When starting the search for a new mortgage loan, you will run into all sorts of important mortgage terms and phrases. You will learn quickly that two of the most vital words to know and understand are "interest rate" and "closing costs."
Annual percentage rate – Wikipedia – In some areas, the annual percentage rate (APR) is the simplified counterpart to the effective interest rate that the borrower will pay on a loan. In many countries and jurisdictions, lenders (such as banks) are required to disclose the "cost" of borrowing in some standardized way as a form of consumer protection .
What is APR? Understand what is an annual percentage rate, how it’s calculated and the different types of APR to help you make more informed credit card decisions with this article from Better Money Habits.
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Interest rate vs. APR. The interest rate is the cost of borrowing the principal loan amount. It can be variable or fixed, but it’s always expressed as a percentage. An 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.
What does APR mean for a home mortgage? | Yahoo Answers – The Actual Rate is the annual interest rate you pay on your loan (sometimes referred to as the "note rate"), and is the rate used to calculate your monthly payments. The APR includes both your interest and any additional costs or prepaid finance charges you might pay, such as prepaid interest, private mortgage insurance, closing fees, points, etc.