Learn about APR and what it means when shopping for a mortgage

Shopping for mortgage can be somewhat complex especially when you here terms such as points, rates and apr. APR is intended to be used as a disclosure of your interest rate plus closing fees over the expected life of the loan term. It is not the actual interest rate but is a good way to help determine if the loan you are receiving has a lot of closing fees. If there is a large spread between the interest rate and apr it typically means that you are paying a large fee to obtain the mortgage. This is why it is very important to compare lenders when shopping for a mortgage and don't focus exclusively on the rate. 

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