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why after buying points on my mortgage down to 4.25% does my truth in lending reflect 5.35% APR?

Profile picture for jeff_jal
-All  Mortgage costs are paid at closing and NOT rolled into the financing..

House price is 89k, 25% deposit, amount finacned is 66750.
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February 13 2009 - Mastic
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Profile picture for HiTechOne
APR is a reflection of the cost of borrowing money.  Whether the costs  were financed or paid . . . you incurred a cost for borrowing.  The APR and the Interest Rate would be the same if there were no cost bo borrow.  Check out this APR LINK  this should answer your question on APR 
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February 13 2009
 

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Profile picture for Richard Bills
Questionwhy after buying points on my mortgage down to 4.25% does my truth in lending reflect 5.35% APR?
  • Latest answer by Richard Bills
  • February 13 2009
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