Mortgage interest rates vs. APR. The Annual Percentage Rate (APR) represents the true yearly cost of your loan. It includes the actual interest you pay to the lender, plus any fees or costs. That’s why a mortgage APR is typically higher than the interest rate – and why it’s such an important number when comparing loan offers.
As noted, the mortgage APR is basically the true cost of the loan, or at least a bit more accurate than a simple interest rate. I’ll explain why with a basic example. Let’s look at an example of interest rates and APR: Mortgage Rate X: 4.50%, 4.838% APR Mortgage Rate Y: 4.75%, 4.836% APR
In simple terms, the mortgage interest rate has a direct impact on your mortgage payment. The higher the interest rate, the more your mortgage payment will cost. The opposite is also true – the lower your interest rate, the lower your mortgage payment.
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But there’s much more to it than that. If you’re looking to buy a home, mortgage lenders can charge a markedly different annual percentage rate (APR) based on your credit score. In some instances,
Depending on whether you plan to use it as an investment or for your own personal use will greatly affect the mortgage rate and terms you can get for a second home.
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The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan.
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Buyer determines which number matters more. This chart compares the interest rate, APR and total costs over time for a $200,000 mortgage in which 1.5 discount points cut the interest rate by a quarter of a percentage point, and another 1.5 discount points cut the interest rate by another quarter of a percentage point.
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APR vs. interest rate. Understanding these items is crucial when choosing the best mortgage lenders to work with. The interest rate is the percentage that the lender charges for lending you money.