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Knowledge Base Article

Annual Percentage Rate (APR) for first mortgage

What is the Annual Percentage Rate (APR) for a 1st mortgage?

The Annual Percentage rate reflects the annual amount of interest you will pay for your mortgage. The APR is likely to be higher than the actual interest rate on the loan because it factors in the costs and fees associated with obtaining the mortgage loan and provides a true cost of the loan. When shopping for a mortgage, the APR allows you to compare different types of mortgages among lenders.