Annual Percentage Rate: What is the Real Cost of Financing?
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Annual Percentage Rate (APR) is a tool that consumers can use as a starting point to compare loan programs. However, it's important to keep in mind that APR is not a perfect system, and not all lenders calculate APR in the same way. The point of calculating APR is to let the consumer know what the actual cost of their financing is in the form of a yearly rate. APR factors in certain closing costs and fees associated with the loan, and spreads this total over the life of the loan along with the actual note rate. |
In the market to buy a home in the Leesburg, Loudoun County or Northern Virginia area? To find out how just much you qualify for, give Hal a call today!
Hal Johnson
Senior Loan Officer
Embrace Home Loans
Phone: (703) 507-1572 (cell)
Fax: (703) 352-7940
License: NMLS #233808
hjohnson@embracehomeloans.com
www.embracehomeloans.com
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