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Mortgage glossary
Annual Percentage Rate (APR)
APR is a yearly measure of the cost of credit. It includes the interest rate and certain loan charges, but not every possible cost. APR can help compare similar loan offers with the same amount and term.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.