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MockingJay
Ring out the old...
Member since 9/08 1312 total posts
Name:
Ring in the new!
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Interest Rate vs APR
Sorry, another ignorant homebuyer question....when I'm shopping mortgages, I see 2 sets of % rates- one is an interest rate (i.e. 4.25 or 4.5, etc.)
And the other is an APR (i.e. 4.687%, 4.89%, etc.)
*** is the difference??? This whole process blows my mind...why does it have to be so darn complicated!!
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Posted 11/12/10 4:08 PM  |
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Prudential Douglas Elliman Real Estate
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Interest Rate vs APR
Whichever bank has an APR that is closest to the actual interest rate of your loan is the best "Deal" means they charged the least amount of closing costs.
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| Posted 11/12/10 5:52 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Interest Rate vs APR
Posted by csorisi
Whichever bank has an APR that is closest to the actual interest rate of your loan is the best "Deal" means they charged the least amount of closing costs.
Agreed. To compare apples you apples, always use the APR number.
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| Posted 11/12/10 6:24 PM |
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