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What is the APR and why is it higher than my actual interest rate?

April 26, 2017actual Apr Interest rate

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What is the APR and why is it higher than my actual interest rate?

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The APR, or annual percentage rate, is the total cost of your mortgage loan expressed as an annual rate. The APR reflects factors including the amount financed, finance charges, and the term of the loan. The result is an annual percentage rate slightly higher than the actual note rate.