Your Annual Percentage Rate (APR) is fully explained in our last blog post, but what is the difference between the Interest Rate and APR?
The Interest Rate is the actual rate you will pay on your loan, while the APR is in place to offer as much information as possible about what you’re getting. By making lender fees, mortgage insurance, and various other costs part of the equation used to calculate APR, this percentage allows you to better see the true cost of your loan and make a fair comparison between lenders.
