APR
Annual Percentage Rate
The true cost of borrowing — interest plus most lender fees, blended into a single percentage. APR is almost always higher than the headline interest rate. Compare APR to APR when shopping lenders.
Example
Rate: 6.5% · APR: 6.78%
Hey Prescott is not a lender and this is general education, not advice about your loan. Your lender or a HUD-approved housing counselor can tell you how a term applies to you.