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apr vs apy mortgage

Problem is, there's APR and APY.. When dealing with a mortgage, APR also includes any fees associated with the loan, whereas the simple.

LGFCU has low rates for auto loans, personal loans and mortgages. And earn the best. APY: annual percentage yield. *APR: Annual Percentage Rate.

A mortgage lender who’s trying to get you to sign up for a home loan will make the interest rate sound as low as possible – which means you’re more likely to be presented with an APR instead of the APY. Always ask what the APY is. Meanwhile, when a bank wants your deposit for a savings account, you can expect to hear the savings APY upfront, because it will be higher and so will sound better.

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The annual percentage rate (APR) takes the base interest rate and adds in other costs for getting a loan, including mortgage-broker fees,

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APR is the annual cost of a loan to a borrower – including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees such as mortgage insurance, most closing costs, discount points and loan origination fees.

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 · When shopping for a mortgage, knowing the difference between a mortgage rate and an APR can help you pick the best loan for your situation. You’ll also want pay attention to other costs of the loan that aren’t included in the APR.

An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.

Both annual percentage rate (APR) and annual percentage yield (apy) describe the interest associated with either an investment or loan. Essentially, the difference boils down to this – APR is the rate charged for borrowing or earned through an investment while APY is the effective rate of return, considering compounding interest.