rate vs apr mortgage

http://usbank.com/mortgage Both are important, but they mean two different things when it comes to your mortgage loan.

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Mortgage Rate X: 4.50%, 4.838% APR Mortgage Rate Y: 4.75%, 4.836% APR . The advertised mortgage rate "X" is 4.50%, but requires that two mortgage points be paid – it also has $2,000 in additional closing costs, which pushes the APR to 4.838%. Meanwhile, advertised mortgage rate "Y" is offered with no points and just $1,000 in closing costs, so the APR is 4.836%, just below that of mortgage rate "X."

Understanding how mortgage interest rates and APRs, or annual percentage rates, work can help you choose the right loan. APR’s include the mortgage interest rate as well as all fees and points.

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Bankrate.com provides free mortgage annual percentage rate calculators and loan calculator tools to help consumers learn more about their mortgage APR payments.

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A loan’s Annual Percentage Rate, or APR, is the cost of your mortgage credit as a yearly rate. Your Annual Percentage Rate is typically higher than your interest rate because it includes your interest rate plus certain fees, such as lender and mortgage broker fees, based on the specific characteristics of your loan.

Same interest rate, different APRs. One point is equal to 1 percent of your mortgage amount (or $1,000 for every $100,000). For this example, we’ll assume that the borrower does not have to pay mortgage insurance. Otherwise, mortgage insurance would also be included in the APR calculation.

Understanding the difference between annual percentage rate, or APR, and interest rate could save you thousands of dollars on your mortgage. But if you’re like most homebuyers, you probably don’t know.

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An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan.