2007-03-27 14:22:40 · 4 answers · asked by ezednjomagik 1 in Business & Finance ➔ Renting & Real Estate
The difference lies in the formulas used to calculate rates and APR(s).
You should always refer to the APR, since it includes the cost of certain fees and is a more accurate figure of the cost of borrowing this money. Compare mortgages rates for 5/1 ARM(s) by using the APR(s) for different institutions.
2007-03-27 14:37:20 · answer #1 · answered by Matt K 4 · 0⤊ 0⤋
APR is based on costs plus the fully indexed rate (index plus margin) over the estimated life of the loan. Contact me for loan options.
2007-03-28 10:03:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Its called they are charging you a lot in lender fees to get that rate. Origination fee, points, under writing fees, etc.
2007-03-27 14:28:16 · answer #3 · answered by akindya 1 · 0⤊ 0⤋
Yep, you are being ripped off, go to a real bank in your area.
2007-03-27 14:33:52 · answer #4 · answered by Mark P. 5 · 0⤊ 0⤋