mortage: Interest Rate or APR that is the question!!
- 06/06/13 08:03 AM
How many times has a buyer said at closing “Wait a minute, something is wrong here. I thought my interest rate was going to be 5% why does this say 5.6%. If the mortgage broker is not attending closing or the title closer does not have the answer it may be left up to you as their Realtor to explain this age old question and sometimes complicated explanation of APR vs. Interest Rate. The first point to get across to your buyer is that the APR is NOT their interest or note rate and it does NOT determine their monthly mortgage … (1 comments)
How many times has a buyer said at closing “Wait a minute, something is wrong here. I thought my interest rate was going to be 5% why does this say 5.6%. If the mortgage broker is not attending closing or the title closer does not have the answer it may be left up to you as their Realtor to explain this age old question and sometimes complicated explanation of APR vs. Interest Rate. 
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