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When applying for a mortgage, the lender must notify you about the APR within three days of receiving your application. The APR may change before final settlement, but there are limits on how much it can change. So while shopping for a mortgage, make sure you know the annual percentage rate, as well as what you will have to pay for points, application fees and mortgage insurance. Being fully informed is the only way you will be able to make the best decision
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Realtors giving mortgage advice.......this should be banned on Zillow.
The only instance where an APR is lower than the note rote is when your dealing with an ARM, and it's misleading. They take into consideration what the ARM will adjust to based on today's index + margin, and if the loan would adjust today, then yes it will go down. Will that happen in 5, 7 or 10 years? Hard to say, but I doubt it.
Here is an in depth definition of APR.Realtor Brian-"APR is the final rate the lender charges you annually"Looks like you need a follow up post on APR when an ARM is the loan of choice.What about a follow up on a no closing costs mortgage as well?
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