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Which Is A Better Indicator? APR or Interest Rate? What’s The Difference?

If you’re a first-time homebuyer you might have noticed mortgage rates expressed a couple of different ways in the charts when you google for current rates. You may have seen it expressed a number of ways including APR and Interest Rate. So, what’s the difference and which one should you go by?

What Is The Interest Rate

The interest rate on a mortgage is simply the cost that a borrower will pay to the bank or lending institution for borrowing money to buy the home over a period of time. This figure doesn’t include any other gees like brokerage fees, discount points, private mortgage insurance, or your closing costs. This isn’t the best indicator of real-life costs for your mortgage.

What Is The APR

APR, or annual percentage rate, is a better option for determining how much you can actually afford. This is the actual cost to borrow money for the purchase of your home expressed as a yearly percentage rate. With a mortgage, the APR shows the interest rate plus your broker fees, plus discount points, plus PMI, and plus some closing costs. The APR is a much more accurate figure for indicating your true borrowing costs when you purchase a home with a mortgage than current interest rates alone.

205 S. BEACH Drive
$4,799,000
  • 4 Bedrooms
  • 5 Bathrooms
  • 8,910 Sq Ft
  • 0.260 Acres

205 S. BEACH Drive MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

866 HYACINTH Court
$4,295,000
  • 4 Bedrooms
  • 8 Bathrooms
  • 7,995 Sq Ft
  • 0.250 Acres

866 HYACINTH Court MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

800 W COPELAND Drive
$3,875,000
  • 6 Bedrooms
  • 8 Bathrooms
  • 8,658 Sq Ft
  • 0.500 Acres

800 W COPELAND Drive MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

355 GUMBO LIMBO Lane
$2,350,000
  • 5 Bedrooms
  • 5 Bathrooms
  • 7,099 Sq Ft
  • 0.380 Acres

355 GUMBO LIMBO Lane MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

833 MAGNOLIA Court
$2,100,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 2,755 Sq Ft
  • 0.200 Acres

833 MAGNOLIA Court MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

960 CAPE MARCO Drive 1101
$2,050,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 3,447 Sq Ft

960 CAPE MARCO Drive 1101 MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

2000 ROYAL MARCO Way 15
$1,950,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 3,099 Sq Ft

2000 ROYAL MARCO Way 15 MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

4000 ROYAL MARCO Way 623
$1,650,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 3,847 Sq Ft

4000 ROYAL MARCO Way 623 MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

1069 BALD EAGLE Drive 1002
$949,000
  • 3 Bedrooms
  • 2 Bathrooms
  • 2,635 Sq Ft

1069 BALD EAGLE Drive 1002 MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

3000 ROYAL MARCO Way 321
$695,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 3,043 Sq Ft

3000 ROYAL MARCO Way 321 MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

992 ROYAL MARCO Way 0
$5,700,000
  • 0 Bedrooms
  • 0 Sq Ft
  • 0.450 Acres

992 ROYAL MARCO Way 0 MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

395 WILD COFFEE Lane 0
$449,000
  • 0 Bedrooms
  • 0 Sq Ft
  • 0.340 Acres

395 WILD COFFEE Lane 0 MARCO ISLAND, Florida

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Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY

Are You Buying a Home on Marco Island?

Considering buying a home on Marco Island? We’d love to help you find one that’s just right for your needs.

First, check out available Marco Island area properties using this helpful search tool. If it’s easier, you can just call us at 239-821-7926 or get in touch with us online to let us know what you’re looking for. We’re happy to contact you however you prefer. Then, we’ll start searching our databases right away using criteria you specify!

In the meantime, you can also easily explore Marco Island real estate by price:

  • Marco Island homes for sale from $100k to $200k
  • Marco Island homes for sale from $200k to $300k
  • Marco Island homes for sale from $300k to $400k
  • Marco Island homes for sale from $400k to $500k
  • Marco Island homes for sale from $500k to $600k
  • Marco Island homes for sale from $600k to $700k
  • Marco Island homes for sale from $700k to $800k
  • Marco Island homes for sale from $800k to $900k
  • Marco Island homes for sale from $900k to $1 million
  • Marco Island homes for sale over $1 million

Also, to stay current on the latest listing and community events, connect with your Marco Island area expert on Facebook or Twitter!

Posted in: Blog, Buyers, Buying, Financing, Home Mortgage, Home Mortgage Tips, Mortagage Tips, Mortgage Rates, Mortgage Tips, Mortgages, Personal Finance, Uncategorized Tagged: APR, brokerage fees, Discount Points, Interest Rates, PMI, Private Mortgage Insurance

Join Property Alert

Did you know the hottest homes for sale on Marco Island often sell within days of being listed? Don't miss out! Set up your own custom property alert so you can be notified of the newest homes as they hit the market! Simply click the button below and choose the qualities that you want most in a home and save your search to start getting alerts today!

JOIN PROPERTY ALERT

As a local Marco Island resident & Real Estate Agent I also have access to homes before they hit the market and can show you more homes and information that are only accessible in the MLS. If you would like to set up a time to go over your real estate needs, please free to contact me at your convenience. There is no obligation and or pressure... I hope to hear from you!

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239.821.7926

cathy.rogers@premiersir.com

760 N. Collier Blvd., #101,
Marco Island, FL 34145

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