Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
In comparing any type of loan, whether it be a fixed rate loan to a fixed rate loan, adjustable rate loan to adjustable rate loan or fixed rate loan to adjustable rate loan, there is one way that can be used to compare apples to apples and even apples to oranges. APRs are designed to do just that. APRs are a way to calculate the annual cost of loans, taking into consideration loan origination fees, points and the other costs associated with securing a loan. The additional costs include appraisal and credit report fees as well as processing and document fees.
One confusing aspect of APRs is that the APR on 15 year loans will carry a higher relative rate due to the fact that the points are amortized over the 15 year term rather than the 30 year term. When a Regulation Z (the mortgage company
- 3 Reasons Banks Reject Short Sales
- FHA Loans for a First-Time Home Buyer
- Second Mortgages: Advantages and Disadvantages
- How to Get Approved for an FHA Loan despite Bad Credit
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Should You Refinance? Make Sure the Timing is Right
- Appraisal Basics
- 3 Warning Signs of Loan Modification Scams
- Home Equity Loans for People with Bad Credit