What is APR?
The Annual Percentage Rate (APR) is the total yearly cost of a mortgage expressed as a percentage — including the interest rate plus certain lender fees and points. APR is almost always higher than the note rate because it folds closing costs into the calculation.
APR is what federal law (Truth in Lending Act / Regulation Z) requires lenders to disclose so consumers can compare loans apples-to-apples. Two loans with the same note rate can have different APRs depending on the fees attached.
interest rate · discount points · closing costs · loan estimate
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