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Forum
-> Household Management
-> Finances
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amother
OP
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 Wed, Mar 06 2024, 4:55 pm
I am in the market as a first time home buyer. Yes I have a mortgage broker who gave me a pre-approval I'm still confused.
What is interest rate vs APR?
I see rates at 6.3% Interest and 6.75% APR
And then another option for 6.1% interest and 7% APR.
Both 30 year mortgages
So which one is better?
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amother
Cadetblue
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Wed, Mar 06 2024, 5:43 pm
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The interest rate is your interest rate and the APR includes the interest rate plus your costs of the loan. If the APR ends up being higher for the lower rate it means your paying more for the lower rate in upfront costs. The APR gives you the total "rate" after factoring in costs.
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amother
OP
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Wed, Mar 06 2024, 7:04 pm
| amother Cadetblue wrote: | | The interest rate is your interest rate and the APR includes the interest rate plus your costs of the loan. If the APR ends up being higher for the lower rate it means your paying more for the lower rate in upfront costs. The APR gives you the total "rate" after factoring in costs. |
Is that like the points that you pay down at closing?
Which one is better the first option or the second?
And when someone says they got a loan at 6.1% do they mean interest rate or apr?
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