What is Annual Percentage Rate (APR)?
The total yearly cost of a mortgage including interest rate plus fees, expressed as a percentage. Higher than the interest rate alone.
The Annual Percentage Rate (APR) represents the total yearly cost of borrowing, including the interest rate plus fees, points, and other charges expressed as a percentage. APR is typically higher than the interest rate because it includes these additional costs, making it useful for comparing loan offers from different lenders.