remax fernley reno sparks mls: What is an Annual Percentage Rate (APR)?
- 07/21/12 08:46 AM
Financing Information you need to help you buy a home in Reno, Sparks or Fernley. Brought to you by Sandra Mathewson, A RE/MAX premier agent!
The annual percentage rate (APR) is an interest rate that is different from the mortgage note rate. It is commonly used to compare loan programs from different lenders. The Federal Truth in Lending Law requires mortgage companies to disclose the APR when they advertise the rate.
The APR does NOT affect your monthly payments. Your monthly payments are a function of the interest rate and the length of the loan.
The APR is a very confusing … (4 comments)
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Financing Information you need to help you buy a home in Reno, Sparks or Fernley. Brought to you by Sandra Mathewson, A RE/MAX premier agent!
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