





A.P.R. ,Points & other Mortgage Terms




APR , Annual Percentage Rate
APR is a measurement of the cost of a loan including interest and loan
fees expressed as a yearly percentage rate. It's intent is to provide consumers with a basis for comparing the
cost of loans. Because of government guidelines, some costs are not required to be included in the APR and some are.
For example, the cost of an appraisal and the cost of a title search are not calculated in the APR. Until ALL costs
are required to be calculated , it is not a reliable indicator of total cost , but only one of many factors involved
in choosing the correct mortgage.


Points
Charges or fees paid in advance (Prepaid interest) assessed
at closing by the lender. Each point is equal to 1 percent of the loan amount (e.g., two points on a $100,000 mortgage would
cost $2,000). Points are interchangable with terms like Origination fee , broker fee, Loan Discount fee etc. The
sum total of these charges are expressed as the total points (or fees) that go directly to the mortgage company or the Lender
to obtain your interest rate . You can get a lower interest rate by paying more points and conversely you can avoid points
by paying a higher interest rate for the life of the loan. The right combination of rate and points is a personal choice influenced
by your goals , such as lower monthly payments as opposed to lowering you loan balance faster(building up equity), loan
size and expected length of time you expect to keep the loan.
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