APR is usually different than the note rate on the loan. The APR discloses the cost of credit and is calculated by taking into consideration the finance costs of the loan; disclosing those costs in terms of the interest rate.
Tag: APR
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EVALUATING A LOAN
The APR discloses the cost of credit and is calculated by taking into consideration the finance costs of the loan, and disclosing those costs in terms of the interest rate. The APR is usually different than the note rate on the loan. Often, on a 30-year fixed mortgage, the APR is higher than the note...
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DON’T BE ENTICED BY PUBLISHED RATES
Published rates entice you, but may not give you the whole story: Often times we get asked, “I saw this rate on-line, can you match it?” Generally, we can, or can beat it, but you have to make sure you are comparing apples to apples. There are many factors that go into an interest rate....