Mortgage Terms Explained: APR
| Money : Mortgages With a loan of any sort - mortgage or standard from your bank - you will come across the term APR. But many people don't know what APR stands for, or what it is! This stands for Annual Percentage Rate. It is a standard way to calculate the cost of a mortgage, and is a yearly rate including interest, insurance and other credit costs. Therefore the APR will be higher then interest rate quoted by a lender because it includes the other items.
 Questions about mortgages:
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