Home Loans... More than just a rate.
Posted On: January 4, 2021 by Prevail Bank in: Home Loans
What is a mortgage loan rate?
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Rate or interest is simply a percentage of the loan a lender charges to borrow money. This figure is beneficial to know so you can compare the cost of different lenders. To make the comparison easier, lenders must also inform you about how that interest rate will affect your payments over an entire year. This interest is known as the Annual Percentage Rate or APR, and it also includes any fees or additional costs associated with the loan.
Lower isn’t...
