It is known that getting a mortgage loan for a home in Albuquerque NM or anywhere can be confusing and sometimes frustrating. Ahh who am I kidding, it is always frustrating and one of the most common question we have is what is an Annual Percentage Rate (APR). Below is one of the definitions offered.
The interest rate is the cost of borrowing the principal loan amount. It can be variable or fixed, but it's always expressed as a percentage.
The APR is a broader measure of the cost of your mortgage because it reflects the interest rate, as well as other costs such as broker fees, discount points and some closing costs. The APR is also expressed as a percentage.
Let us break this down. Most buyers look for the best interest rate, actually the…