FREQUENTLY ASKED QUESTIONS (FINANCING):

What is an APR?

An annual percentage rate (APR) is the effective percentage you pay for your mortgage each year when certain costs and fees are included.  That means the APR is usually higher than your regular interest rate because, in addition to interest, it includes lender or broker fees, points paid, closing costs, and other fees. In other words, APR is the cost to borrow money as a yearly percentage.

Different lenders may offer the same interest rate but the APR could differ because of varying fees and costs. It’s important to compare both rates.

What is the difference between APR and interest?
 

What is PMI?

How much is PMI (private mortgage insurance)?

What is mortgage insurance?

What is a mortgage insurance premium?

How much is mortgage insurance?

What is a conventional loan?

What is a conforming loan?

How are interest rates calculated?
 

MORTGAGE CALCULATOR

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