Understanding and explaining APR vs Rate is a challenge even for some experienced mortgage loan offices. Who could blame them. With all of the terms, costs, and fees it can get rather confusing.
I have seem some mortgage broker web sites do a great job at defining and others remind me of Abbott and division. Here you go:
In the end it is not that hard. Do you have a GFE and can't understand it? Drop me a email or give me a call and I will be more than happy to explain it.
Have a great day!
Tony Grego - Indiana Mortgage Company
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