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Shopping APR (annual percentage rate) vs Interest Rate in New Jersey

APR vs Interest Rate – Shopping properly  
Shopping for interest rates in New Jersey aka shopping for mortgages in New Jersey, can be confusing, especially when shopping for an interest rate and shopping for APR at the same time. The borrower needs to properly know and understand the differences. It can even be more confusing when you hear different opinions from different so-called experts.
What is most common taught or thought of? Shop interest rates. Shop and compare the APR (annual percentage rate). Shop fees.  So which is it?
Let’s define both Interest Rate and Apr. – This comes from Wikipedia -
 
Interest Rate – “is the rate at which interest is paid by a borrower for the use of money that they borrower from a lender.”
APR – “is a finance charge expressed as an annual rate.”  In simple terms, it’s the cost of your credit expressed as an annual rate.
 
The APR rate in New Jersey will usually be higher than your note rate, which is your interest rate. Why is this?  Because the APR includes certain fees which are calculated into the actual rate. The problem with this is that so many people tell ... more

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