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What is the difference between APR and RATE contained by home loan?

April 26, 2017Apr difference home loan rate

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What is the difference between APR and RATE contained by home loan?

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Rate is the interest rate you are charged on the loan amount. APR is what you pay when all lender fees, including things similar to origination fee (typically 1% of the loan amount), discount points/buy down rate, etc. are factored in. You loan officer should explain this to you and it should show up on your fitting faith estimate if you are getting a mortgage loan in the US.