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what should you look when taking a mortgage the intrest rate or APR

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May 16 - Staten Island
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Using APR can be way off. I just looked at rates from a National Lender, they are quoting a 3.625% Note Rate and 3.666 APR for an FHA 30 Year Fixed. Simply, that is impossible to have a 3.666 APR on that loan because the Annual MI payments stay on for 360 payments. The assumptions were 5% down and 700 score, if you input those same parameters in Zillow those Lenders will be quoting an APR of between 4.8 to 5.2. If you were to shop Zillow, Bankrate, etc then come across this Lender's website would you think they could really offer an APR that is 1.25% - 1.5%  LESS than other Lenders? It is best to shop by Note Rate and the NET cost for that rate.    
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May 28
APR reflects the true cost of the loan.
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May 19
If you're price shopping with different lenders, compare the APR's.  The APR is your total cost for a loan expressed as an annual percentage rate.  It takes into consideration all the closing costs and lender fees.  It is not your interest rate however.  For example: Lender A is giving you a rate of 4% with an APR of 4.2%.  Lender B is giving you the same rate of 4% with an APR of 4.9%.  While both lenders have offered you the same rate and your monthly payment will be the same for both (assuming the loan amounts are identical), you'd be getting a better deal with Lender A because their closing costs are lower, hence the lower APR.
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May 17
Always look at the APR. I can get you a loan with a 4% rate an APR of 4.9 or a loan of 4.125% rate and APR of 4.5% the difference in the APR and rates are now in you lenders pocket.
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May 17
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APR is your effective annual percentage rate which takes into account the interest rate plus closing costs.
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May 16
 
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