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What is an Annual Percentage Rate (APR)? |
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APR is the cost of financing. It is not the rate
used to calculate payments. The Annual
Percentage Rate (APR) on a mortgage is higher
than the Interest rate because the APR takes
into account some of the costs that you pay when
obtaining the mortgage. |
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The following fees are included in the APR: |
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Origination Fees and Discount Points;
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Interest paid from the date the loan closes
to the end of the month. At the time of
application we are allowed to use any number
between 1 and 30;
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Loan Processing Fee;
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Underwriting Fee;
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Flood Certification Fee;
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Private Mortgage Insurance.
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The following fees are normally not included in
the APR: |
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Credit Report Fee;
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Title or Abstract Fee;
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Attorney Fee;
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Notary Fee;
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Escrow Fee;
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Appraisal Fee;
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Recording Fees;
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Transfer Taxes;
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Home Inspection Fees;
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Survey Fee;
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Document Preparation (charged by the
closing agent or attorney).
* annual percentage rate
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Equal Housing Lender
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©
2005-2008 American State Bank Home Loan Center