Today's Mortgage Glossary term is Annual Percentage Rate (APR). You've h…
Today's Mortgage Glossary term is Annual Percentage Rate (APR). You've heard this term before, but what does it mean? APR is the annual cost of a loan to a borrower including other charges or fees (ex. mortgage insurance, closing costs, etc.) Due to requirements surrounding APR, it can give borrowers a good basis for comparing costs of similar credit transactions!
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