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.
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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!
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