Annual Percentage Rate Explained
The Annual Percentage Rate, which must be reported by lenders under Truth in Lending
regulations, is a comprehensive measure of credit cost to the borrower that takes account
of the interest rate, points, and flat dollar charges. It is also adjusted for the time value of
money, so that dollars paid by the borrower up-front carry a heavier weight than dollars paid
ten years down the road. However, the APR is calculated on the assumption that the loan runs to
term, and is therefore potentially deceptive for borrowers with short time horizons.
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MORGAGE GLOSSARY
Amortization |
Amortization Schedule |
Annual Percentage Rate - APR |
Biweekly Mortgage |
Bridge Loan |
Cash Out |
Conforming Mortgage |
Conventional Morgage |
Debt To Income Ratio |
Direct Lender |
Discount Mortgage Broker |
Discount Points |
Good Faith Estimate |
Grace Period |
Impounds |
Interest Only |
Jumbo Morgage |
Loan To Value |
LTV |
Negative Amortization |
No Ratio |
Option Arm |
Piggyback |
PITI |
PMI |
Prepayment Penalty |
Reverse Mortgage |
Subprime |
Truth in Lending |
Wholesale Lender |
Yield Spread Premium |
YSP
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