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Annual Percentage Rate - (APR)

Do you know what the difference is between the interest rate and the "annual percentage rate" or APR?

The interest rate is, simply, the actual rate of interest that is charged on the principle balance of your loan. The APR is a complex calculation that was originally designed to help consumers understand the cost of the loan, including interest and certain costs associated with closing.

Problems come because the APR is easily manipulated by inexperienced or unethical lenders and can be easily misunderstood by consumers. Many items are included in the calculation of the APR, such as interim interest and mortgage insurance, which have nothing to do with the interest rates and closing costs charged by the lender. Because of these defects in calculation, using only the APR to compare lenders is not always reliable.

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