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.
- 4 Bedrooms
- 5 Bathrooms
- 8,910 Sq Ft
- 0.260 Acres
205 S. BEACH Drive MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 4 Bedrooms
- 8 Bathrooms
- 7,995 Sq Ft
- 0.250 Acres
866 HYACINTH Court MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 6 Bedrooms
- 8 Bathrooms
- 8,658 Sq Ft
- 0.500 Acres
800 W COPELAND Drive MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 5 Bedrooms
- 5 Bathrooms
- 7,099 Sq Ft
- 0.380 Acres
355 GUMBO LIMBO Lane MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 3 Bathrooms
- 2,755 Sq Ft
- 0.200 Acres
833 MAGNOLIA Court MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 3 Bathrooms
- 3,447 Sq Ft
960 CAPE MARCO Drive 1101 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 3 Bathrooms
- 3,099 Sq Ft
2000 ROYAL MARCO Way 15 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 3 Bedrooms
- 3 Bathrooms
- 3,847 Sq Ft
4000 ROYAL MARCO Way 623 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
- 3,043 Sq Ft
3000 ROYAL MARCO Way 321 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 0 Bedrooms
- 0 Sq Ft
- 0.450 Acres
992 ROYAL MARCO Way 0 MARCO ISLAND, Florida
View Property
Listing courtesy of PREMIER SOTHEBY`S INTERNATIONAL REALTY
- 0 Bedrooms
- 0 Sq Ft
- 0.340 Acres
395 WILD COFFEE Lane 0 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!