The Real Estate Encyclopedia
Interest Rates
Category - Real Estate Glossary - Real Estate Terminology
One of the first and most obvious terms to consider is the loan's interest rate. The interest rate is used to calculate your monthly payments and will determine how much you'll pay over the life of the loan. When comparing your mortgage options, take a close look at the annual percentage rate (APR). This figure combines the yearly interest costs and other fees charged by a lender over the life of the loan. Contact your mortgage broker for an itemized list of what is included in each APR calculation for your new loan scenarios so that they can help you make a fair mortgage program comparison.
 
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Real Estate Glossary - Real Estate Terminology
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