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Trulia Long…, Other/Just Looking in Long Beach, CA

What does APR stand for?

Asked by Trulia Long Beach, Long Beach, CA Thu May 16, 2013

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Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon May 20, 2013
Just curious.........Why would Trulia be asking such a question?
0 votes Thank Flag Link Mon May 20, 2013
APR stands for, annual percentage rate. Consult a local lender for more details pertaining to the ins and outs of APR.
0 votes Thank Flag Link Thu May 16, 2013
When you obtain a mortgage you will hear the lender quote an interest rate and the APR. APR stands for the annual percentage rate, which is defined as an annualized cost of credit. This means that the APR is the rate that you will really be paying on your mortgage because this figure includes upfront costs such as points, closing costs, and prepaid interest. Mortgage lenders are required by law to disclose the APR to borrowers when quoting the interest rate. Because the APR includes other costs besides the actual amount of the mortgage, it is higher than the interest rate that is used to calculate the monthly mortgage payments. Hope this is helpful and is very important to understand, I am both a Realtor and lender for many years and would like to inform you on great things on the lending end like lender credit !
Thank You,
Robert Finger
562-577-2888
0 votes Thank Flag Link Thu May 16, 2013
Annual Percentage Rate: Interest of the loan that is charged for borrowing the money. It is a A standardized computation that provides borrowers with a bottom-line number so they can easily compare to rates charged by other potential lenders.
0 votes Thank Flag Link Thu May 16, 2013
Annual Percentage Rate (APR) is an expression of the effective interest rate that the borrower will pay on a loan, taking into account one-time fees and standardizing the way the rate is expressed.


Mike Pandazos
Loan Officer
Metro Lending
mike@metrolending.com
818-937-6622
0 votes Thank Flag Link Thu May 16, 2013
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