Have you ever checked out the interest rates chart for mortgages and wondered, “What’s the difference between the interest rate and the APR?” Why are there two different rates? How is that possible? It’s a common thing to wonder about when you first start looking at rates for mortgages. Here’s a simple explanation.
APR, or annual percentage rate, is the cost to borrow money for the purchase of your home expressed as a yearly percentage rate. This rate doesn’t include home equity lines of credit and it does include other charges or fees. When you have a home equity line of credit, the APR is shown as the interest rate. With a mortgage, the APR shows the interest rate plus, broker fees, discount points, private mortgage insurance (PMI), and some closing costs. The APR is actually a more real-world figure for indicating your true borrowing costs than current interest rates alone.
The interest rate is the cost that a borrower will pay to the lender for borrowing money over a period of time. It’s not including other charges or fees. So, for regular mortgages, the interest rate itself doesn’t include other charges or fees.
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Newest Homes for Sale in Dubois County
View the newest homes listed in Dubois County in the last 10 days:
3391 N Cedar Gap Lane Birdseye, Indiana
2 Beds 2 Baths 1,000 SqFt 1 Acres
Listing courtesy of Tony Bowes from RE/MAX REVOLUTION.
E CR 1075 S Road Holland, Indiana
4 Baths 39 Acres
Listing courtesy of William Daily from Midwest Land & Lifestyle LLC.
4130 N Portersville Road Jasper, Indiana
3 Beds 2 Baths 1,648 SqFt 0.340 Acres
Listing courtesy of Gina Mehringer from F.C. TUCKER EMGE.