A lender can advertise a low rate and charge for it in fees. The APR folds those fees back into the rate, which is exactly why it exists and why lenders have to disclose it. Two loans with the same rate and different APRs are not the same loan.
What the lender charges to write the loan, as a percentage of it.
Money paid up front to buy the rate down. One point is 1% of the loan.
Underwriting, processing, document preparation, flood certificate, tax service. Not title insurance or the appraisal, which do not belong in the APR.
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Interest from your closing day to the end of that month, collected at closing. Close late in the month and there is less of it.
Annual percentage rate
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- Origination fee
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- Discount points
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- Prepaid interest
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- Other lender fees
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- Fees in the APR
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- Monthly principal & interest
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- The rate itself
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- The fees add
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The Legacy Estates Group
What Is the APR on This Loan?
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These figures are estimates for planning only. They are not a loan offer, a quote, or advice. Interest rates, taxes, insurance, and closing costs vary by lender, property, and location. Confirm every number with your lender and a licensed professional before making a decision.
Want to know what you can actually borrow?
A lender can tell you in a few days, in writing, and it costs nothing. We can point you to one, or just answer questions.
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