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Annual percentage rate (APR)
| FAQs - Interest |
A measure of the cost of credit, expressed as a yearly rate. It includes interest as well as points, broker fees, and certain other credit charges that the borrower is required to pay. Because all lenders follow the same rules when calculating the APR, it provides consumers with a good basis for comparing the cost of loans, including mortgages, over the term of the loan.
Source: FRB Mortgage Comparison Calculator Help
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