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 APR - what is your best definition?
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208 Posts

Posted - 03/17/2013 :  6:17:19 PM  Show Profile  Visit TGS1985's Homepage  Reply with Quote
"The reason why your APR is higher is because it's including fees associated with the loan, such as [this] fee or [that] fee. Where as your Interest Rate only reflects the total amount of the loan."

If that doesn't do the trick, I add the following...

"As you can see your interest rate is still X.XX% and your monthly payments are still $X,XXX"

And if the signers still are uneasy...

"Basically its how the Government shows what you're 'really' paying for the loan even though all it really accomplishes is confuse the heck out of you the borrower (everyone laughs)."

I'm telling you when all else fails, chalk it up to zany government bureaucracy, haha!

- Tyler Soares -
Notary Public & Loan Signing Agent

Edited by - TGS1985 on 03/17/2013 6:20:30 PM
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17 Posts

Posted - 01/24/2013 :  09:52:38 AM  Show Profile  Visit smcohn's Homepage  Reply with Quote
As an ex-Mtg Broker, I learned to simplify by explaining...the APR is the total borrower's cost of the loan added to the rate/balance of the loan and spread out over the life of the loan. It's better to dazzle with simplicity than to baffle with bullsh*t!
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3106 Posts

Posted - 01/23/2013 :  10:36:58 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
Here are a few definitions:
See our glossary for more info. The link to the glossary is on the bottom right of the home page for future reference!

(1) The APR is the annual percentage relationship between the payments and the amount borrowed, minus the fees. This rate is often used to compare the different loans borrowers have to choose from. The APR is almost always higher than the rate. The rate, on the other hand, is a monthly percentage relationship between the payments and the total amount borrowed, including fees.

(2) The annual rate that is charged for borrowing, expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan. This would include any fees or additional costs associated with the transaction.

(3) The cost of the loan over the course of a year expressed as a percentage rate that would include interest, and all fees such as loan origination fees.

(4) The APR is similar to the Rate, but with the fees factored in to the equation, and compounded over the course of a year.

(5) The APR reflects the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account points and other credit costs. This Annual Percentage Rate ( APR ) allows the home buyers to compare different types of mortgages based on the annual cost for each loan.

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