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Annual Percentage Rate (APR)

Definition of term

Annual Percentage Rate (APR) is the annual rate charged for borrowing money for a mortgage. APR is a single percentage number representing the actual yearly cost over a loan term. APR includes any fees or additional costs associated with the loan. The APR is a broader measure of the cost of borrowing money than the interest rate. The interest rate only reflects the periodic interest charged on your loan. In contrast, the APR considers the interest rate and any additional costs or fees associated with getting the loan, such as origination fees or broker commissions. The APR allows borrowers to more easily compare different loans because it provides a more comprehensive picture of the overall cost of borrowing money.

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