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.
- 5 Bedrooms
- 7 Bathrooms
- 8,327 Sq Ft
970 CAPE MARCO Drive PH- 2305 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 5 Bathrooms
- 6,621 Sq Ft
- 0.400 Acres
1231 LAUREL Court MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 3 Bathrooms
- 4,243 Sq Ft
4000 ROYAL MARCO Way 429 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 2 Bathrooms
- 2,635 Sq Ft
1069 BALD EAGLE Drive 1002 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 3 Bathrooms
- 2,468 Sq Ft
980 CAPE MARCO Drive 805 Marco Island, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 2 Bedrooms
- 2 Bathrooms
- 2,022 Sq Ft
176 S COLLIER Boulevard PH-3 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 2 Bedrooms
- 3 Bathrooms
- 3,905 Sq Ft
5000 ROYAL MARCO Way 336 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 2 Bedrooms
- 2 Bathrooms
- 2,381 Sq Ft
6000 ROYAL MARCO Way 246 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 3 Bathrooms
- 3,100 Sq Ft
824 E HIDEAWAY Circle 341 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 3 Bathrooms
- 3,043 Sq Ft
3000 ROYAL MARCO Way 321 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 2 Bedrooms
- 2 Bathrooms
- 1,357 Sq Ft
991 N BARFIELD Drive 304 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 0 Bedrooms
- 0 Sq Ft
- 0.990 Acres
849 CAXAMBAS Drive 13 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 0 Bedrooms
- 0 Sq Ft
- 0.200 Acres
1878 WOODBINE Court 2 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 0 Bedrooms
- 0 Sq Ft
- 0.370 Acres
1601 BEGONIA Court 8 Marco Island, Florida
View Property
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!