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Second Mortgage |
What is APR (Annual Percentage Rate)? The Annual Percentage Rate, or APR, is the cost of the borrower's credit expressed in terms of an annual rate. Because the borrower may be paying "points" and other closing costs, the APR disclosed is often higher than the interest rate on the loan. The APR can be compared to other loans for which the borrower may have applied and give them a fair method of comparing price. What is a rate lock? A rate lock is a lender's guarantee on your loan's interest rate and point payment. You can only lock your rate once you have identified a property. Until you request a rate lock, the rate and point are considered to be "floating", in other words are subject to change due to market fluctuations What are closing costs? Closing costs are sometimes also called settlement costs. These are the costs a lender charges for funding and completing your loan and are generally charged at the time of closing (or settlement). They often include Discount Points, which are fees paid to lower your interest rate. Settlement costs/closing costs vary greatly depending on your state, county, and/or metropolitan area. They also vary from one lender to another, so it pays to shop around. |