MOVIE: What is my Loan’s “APR” and Why is it Higher Than Interest?

Hello Neighbors,

Again, more educational material from the team at Neighborly Financial.

This time - what is "APR"?

Like interest, you will see this number quoted in your mortgage (purchase or re-fi) Good Faith Estimates. Unlike interest, it isn't totally clear how this number was created.

Watch this video and find out why APR is often higher than the interest rate you've been shopping for:

http://www.youtube.com/watch?v=5fiHr_Hw9h0

Many thanks,

- Jim