 |
|
 |
 |
|
|
Forum
-> Household Management
-> Finances
amother
|
 Wed, Mar 06 2024, 4:55 pm
I am in the market as a first time home buyer. Yes I have a mortgage broker who gave me a pre-approval I'm still confused.
What is interest rate vs APR?
I see rates at 6.3% Interest and 6.75% APR
And then another option for 6.1% interest and 7% APR.
Both 30 year mortgages
So which one is better?
| |
|
| Back to top |
 0
 0
|
|
amother
Cadetblue
|
Wed, Mar 06 2024, 5:43 pm
|
The interest rate is your interest rate and the APR includes the interest rate plus your costs of the loan. If the APR ends up being higher for the lower rate it means your paying more for the lower rate in upfront costs. The APR gives you the total "rate" after factoring in costs.
| |
|
| Back to top |
0
0
|
amother
|
Wed, Mar 06 2024, 7:04 pm
| amother Cadetblue wrote: | | The interest rate is your interest rate and the APR includes the interest rate plus your costs of the loan. If the APR ends up being higher for the lower rate it means your paying more for the lower rate in upfront costs. The APR gives you the total "rate" after factoring in costs. |
Is that like the points that you pay down at closing?
Which one is better the first option or the second?
And when someone says they got a loan at 6.1% do they mean interest rate or apr?
| |
|
| Back to top |
0
0
|
| Related Topics |
Replies |
Last Post |
|
|
Naki Radio-please explain how it works
|
2 |
Sun, Dec 01 2024, 8:23 pm  |
|
|
Someone explain this price to me???
|
5 |
Thu, Nov 28 2024, 8:17 am |
|
|
Please explain Chardal hashkafa to me
|
65 |
Thu, Nov 28 2024, 1:34 am |
|
|
Pleas explain
|
9 |
Sun, Nov 24 2024, 11:21 pm |
|
|
Going rate for shabbos suite in BP
|
5 |
Wed, Nov 20 2024, 9:57 am |
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
