apr is the total cost of a loan, while the interest rate is only the. What's the Difference Between a Mortgage APR and an Interest Rate?
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Interest rate refers to the annual cost of a loan to a borrower and is expressed as a percentage; APR is the annual cost of a loan to a borrower – including fees. Like an interest rate, the APR is expressed as a percentage.
The APR is usually higher than the interest rate because it encompasses all these loan costs. Here's a primer on the difference between APR.
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Knowing both a loan's interest rate and APR is helpful when shopping for a mortgage. Compare the interest rate and APR among lenders by.
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APR is short for annual percentage rate and it refers to your interest rate for an entire year instead of on a monthly basis. Your APR consists of not only your interest rate but other charges that might include document preparation, underwriting, loan processing and application fees.
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As a numerical example of how interest rate and APR are different, let’s say that you’re obtaining a $20,000 personal loan with a three-year term, with an interest rate of 6.99%, and a $500.
The APR takes those into account, so a mortgage with an interest rate of, say, 6% might actually cost you something like 6.15% a year. With credit cards, though, the APR is just interest.
Brian Capon of the British Bankers’ Association replies: If, as I think is the case, you are asking about the difference between the ‘pure’ (not a technical term, just to differentiate the two).
APR vs. interest rate: What’s the difference? If you’re applying for a mortgage, these are two financial terms you need to understand.APR stands for "annual percentage rate," or the amount of.