Posted on: 30th Jun, 2005 08:00 pm
what is APR?
Hi Shelly,
Welcome to MortgageFit forum.
"what is APR?"
The APR is a yearly interest rate calculated by including the interest payable throughout the loan term along with points, loan processing fees, underwriting fees, document preparation fees and loan application fees. Therefore an APR is higher than the actual interest rate of the loan.
The Federal Government has introduced the APR or Annual Percentage Rate so that borrowers can compare different kinds of mortgages with respect to the annual cost of the loan.
Generally lenders disclose the APR within 3 business days of application of the loan or before the closing date or on the same day in case of refinance.
Go through http://www.mortgagefit.com/apr.html for further reference.
Regards,
Sam
Welcome to MortgageFit forum.
"what is APR?"
The APR is a yearly interest rate calculated by including the interest payable throughout the loan term along with points, loan processing fees, underwriting fees, document preparation fees and loan application fees. Therefore an APR is higher than the actual interest rate of the loan.
The Federal Government has introduced the APR or Annual Percentage Rate so that borrowers can compare different kinds of mortgages with respect to the annual cost of the loan.
Generally lenders disclose the APR within 3 business days of application of the loan or before the closing date or on the same day in case of refinance.
Go through http://www.mortgagefit.com/apr.html for further reference.
Regards,
Sam