Interest Rate Defined
Interest rate, also called the note rate, is the amount of interest charged on a mortgage expressed as a percentage. The interest rate is probably the one thing borrowers worry about the most when shopping for a mortgage. They scour the globe for the lowest interest rate. The lower the [...]

Annual Percentage Rate Defined
Annual Percentage Rate or APR is a rate of interest that includes certain costs and fees for the mortgage in addition to the interest rate expressed as a yearly rate. The APR rate is not the rate your payment is calculated from.
It was supposed to make mortgage shopping easier [...]