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.
· An annual percentage rate, or APR, on the other hand, is the total cost of the loan expressed in annual terms. The APR includes the interest rate and all other fees, such as origination fees, in the calculation of what you’ll owe. The APR may provide a more complete look at what a loan costs.
Interest Rate vs. APR – What’s the difference? A common misperception is that your Annual Percentage Rate (APR) and interest rate are the same thing. They aren’t. Your interest rate is what you’ll pay above the actual loan amount to the lender expressed as a percentage of the amount you’re borrowing.
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APY (annual percentage yield) refers to what you can earn in interest while APR (annual percentage rate) refers to what you can owe in interest charges. A key difference between the two is that APY takes into account the effect of compound interest for deposit products while APR does not.
Buying a home is a large investment and it’s important to have a clear understanding of the cost of your mortgage loan. Home shoppers are often confused about the difference between APR (Annual Percentage Rate) and interest rates. When evaluating a mortgage loan, interest rates can tell a different story than APR.
· Both annual percentage rate (APR) and annual percentage yield (APY) describe the interest associated with either an investment or loan. Essentially, the difference boils down to this – APR is the rate charged for borrowing or earned through an investment while APY is the effective rate of return, considering compounding interest.
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· The APR is typically higher than the mortgage interest rate and is not used to calculate your monthly payment. When shopping for a mortgage, make sure to look at not only the interest rate and APR, but also the other costs of the loan that aren’t included in APR. Ask UKRFCU how we calculate the APR and what costs are included.
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