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What is an Annual Percentage Rate (APR) ?

Key Concepts APR attempts to factor in upfront costs to deliver a true “cost of financing” which is typically higher than the interest rate on your mortgage APR relies on human input and variables that can be manipulated to a certain extent. Thus, it’s an imperfect...

Definition of Mortgage Rates: What Are They Really?

Key Concepts Mortgage rates are interest rates on home loans There are really TWO mortgage rates: the interest rate (or “note rate”) applied to your loan amount (or “principal”) and the rate implied by certain upfront costs (the “effective rate”). APR (Annual...