Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question:
What’s the difference between Interest Rate and APR?
Interest rate is just the percentage of interest that you pay on your mortgage loan principal amount. APR stands for Annual Percentage Rate, and includes all costs associated with obtaining your mortgage loan.
Some costs in your APR might include:
– Closing Costs
– Origination Fees
– Mortgage Insurance
– Etc.
We have a variety of mortgage calculators that are free for you to use at any time!
Everyone’s situation differs depending on your individual qualifications and mortgage needs, as well as loan program, so contact us today to get started on your home loan quote with our team of mortgage experts you can trust.
