What's an APR and What's It Mean for Your Home Mortgage Loan?by Kelly Richardson
Loan Page Columnist
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One of the most common terms you will be exposed to when you apply for a home loan is "APR." The APR is the annual percentage rate of a home mortgage, and it's a critical part of the repayment formula. You should become familiar with some of the characteristics of the APR before you take on a new mortgage.
The APR and Your Home Mortgage LoanThe annual percentage rate is usually one of the aspects of a home mortgage loan that lenders will advertise most to borrowers. The APR is fairly simple to understand, and you should understand it before you go into negotiations with your lender.
Limits of the APR on Home Mortgage LoansThere are quite a few limits of the annual percentage rate that you should be aware of before accepting a home loan offer. Just because the APR is a standard number, it doesn't mean that it is without faults.
Some simple knowledge of APRs goes a long way when shopping around for a home loan.
About the Author
Kelly Richardson covers the local education and technology scenes in major cities across the country. His articles appear in educational journals, periodicals, and e-zines.
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