APR - This stands for Annual Percentage Rate. It enables you to compare the full cost of the mortgage. Rather than just being an interest rate, it includes up front and ongoing costs of taking out a mortgage. The formula for calculating APR is set by Government Regulations and therefore enables direct comparison of the cost of mortgages.
Showing posts with label Glossary of Common Terms Used During the Mortgage Process. Show all posts
Showing posts with label Glossary of Common Terms Used During the Mortgage Process. Show all posts
Wednesday, February 17, 2016
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