By: Robert A. Hulme – Loan Officer - Realtor As a Loan Officer here in Utah County, I have found that many consumers don’t fully understand the term Annual Percentage Rate. Probably no other disclosure is as baffling to the average consumer as APR is. Few understand how the APR can be higher than the interest rate. The APR is the finance charge expressed as a numerical percentage, which is an expression of the annualized finance charge. The APR includes the interest rate plus all of those items that are included in the finance charge. Although few mortgage lenders actually do it, lenders are required to disclose the APR when inquiries are made orally. The APR also has to be fully disclosed on any advertising materials.
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