Profile picture for brencort

difference between interest rate vs APR?

I'm new to this home buying market, and all these numbers are overwhelming me. Please help me understand the difference between APR and interest rate. I always thought it was the same. CONFUSED!
  • August 22 2013 - US
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Answers (2)

Profile picture for nwhome.us
Send me a request via my profile and I'll send you a flier with a list of the items that can be included in the APR.
  • August 22 2013
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What your note rate is will determine what your payment will be. 

APR is the government's way of trying to help you shop for a loan between lenders. At the same NOTE RATE, the higher APR will almost always mean higher closing costs. I say almost always because lenders often have differing ways of calculating APR. My best advice would be to get good faith estimates if you are comparing and go through line by line to see the differences. 
  • August 22 2013
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