Post by cy7822
"APR" stands for annual percentage rate. The APR is a much better indicator than just the interest rate of the actual cost of a mortgage loan, as it estimates what you'll pay over the course of an entire year. The Federal Truth in Lending law requires mortgage companies to list the APR of their loans when they advertise an interest rate. This prevents them from advertising unduly low interest rates and tacking on fees and other costs that drive up the real cost of the loan.
AND more at http://www.allbusiness.com/personal-finance/real-estate-mortgage-loans/3382-1.html<!-- Start Google AdSense module - custom - Article (googleadtag: 4354014) -->