What is Mortgage APR?
What you need to know about annual percentage rate.
When reviewing your mortgage, you may have come across a figure referred to as annual percentage rate (APR).
What is APR?
APR stands for “annual percentage rate”. It represents the total cost of borrowing money, including interest, points, and any and all fees associated with your mortgage. Like an interest rate, it is expressed as a percentage. The Truth in Lending Act (TILA) requires lenders to always disclose an APR when quoting the interest rate of a loan.
In this video, we’ll cover a few key points related to APR.
What is annual percentage rate (APR) when it comes to a home mortgage?
How is APR determined?
What's tricky about APR when it comes to adjustable rate mortgages (ARM's)?
Does an APR include fees your bank may not be disclosing outright?
Mortgages are complex. It’s important to consult an expert when reviewing the terms of your loan, and to understand all the options that are available to you.
Long Grove Mortgage will walk you through the entire process, step by step. We’ll never hide fees from you. We break everything down into clear, simple terms so you are informed and empowered to make the best decision for you.
For a deeper dive into the complexities of any mortgage scenario, give us a call. We'd love to help.
Ken Your Mortgage Friend
NMLS #220638 • 847-634-2252
kenfriend@longgrovemortgage.com
Long Grove Mortgage • NMLS 210846
www.longgrovemortgage.com
instagram.com/longgrovemortgage
