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Chain of Lakes Mortgage
APR
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In comparing any
type of loan, whether it be a fixed rate loan to a fixed rate
loan, adjustable rate loan to adjustable rate loan or fixed
rate loan to adjustable rate loan, there is one way that can
be used to compare apples to apples and even apples to
oranges.
APRs are designed to do just that. APRs are a way to calculate
the annual cost of loans, taking into consideration loan
origination fees (points) and the other costs associated with
securing a loan. The additional costs include appraisal and
credit report fees as well as processing and document fees.
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