APR vs Interest Rate - Whats the Difference?
Posted by Mike + Michelle Grizzell on
If you’ve been shopping for a mortgage for buying a home in Tampa this year, you’ve likely run across interest rates and APRs that have your head spinning. To you they may both seem like the same concept, a percentage of the home value that you pay your lender in interest for letting you borrow the money for it.
If that is the case, what is the difference between these two real estate terms? It comes down to the interest rate being your starting point while your APR is the associated fees of the mortgage loan tacked on. Take a closer look at these two terms so that you can understand the difference when it’s time to work with a lender on your next home in Tampa.
Understanding interest rates
The interest rate is likely what you imagine when it…
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