Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

I locked my interest rate, but the Truth in Lending Statement says the annual percentage rate (APR) is higher. Am I getting a different rate?

April 26, 2017Annual Percentage Rate Apr Interest rate lending locked rate Truth

0

Posted

I locked my interest rate, but the Truth in Lending Statement says the annual percentage rate (APR) is higher. Am I getting a different rate?

1 Answer

0

Posted

No. Your mortgage note rate will be the rate you selected when you signed your Price Protection Election Agreement. In most cases, the mortgage note rate is not equal to the APR. Please see the following question for information regarding the APR.