The most common home loan and mortgage questions
Here are some of the most frequently asked questions regarding mortgages. If none of your questions are here, please contact one of our mortgage advisors.
Frequently Asked Questions
What’s the difference between an interest rate and an APR?
The interest rate is the cost you will pay each year to borrow the money, in the form of a percentage rate. It does not include fees or any other charges you may have to pay for the loan.
An annual percentage rate (APR) is the cost of the loan in the form of a rate. The APR includes the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan. For this reason, the APR is usually higher than the interest rate. The APR does not include taxes, pre-paids or escrow.