Summary
Following up on our discussion last week, a reader had written to ask if the best way to find the best mortgage rate is to compare the annual percentage rate (APR). To recap, the APR is the actual cost of the money borrowed, expressed as an interest rate, when taking into consideration any costs associated with the loan.
My advice to the reader was to forget the APR. Instead, he should seek out competent loan officers recommended from trusted sources and obtain a good faith estimate from each one.See the full content of this document
Extract
Calculating Adds Up in Loan Pick
Although there are myriad of reasons as to why the APR is not a good gauge to determine the best rate, the biggest reason is that it assumes that the b...
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