NMLS: 2576 | CT LICENSE: 1101 | MA LICENSE: LS2576 | MI LICENSE: FR0023580 What is APR?
APR stands for Annual Percentage Rate. This percentage rate expresses the charges imposed on a borrower to obtain a loan. It includes the interest, points and other costs and fees that are paid by the borrower.
What is a rate lock?
At the time of loan application, the applicant has the ability to choose to enter into an agreement with the lender to guarantee the current interest rate for a specified time period. This is called a rate lock period. On…
What does my mortgage payment include?
For most homebuyers, the monthly mortgage payment included three separate parts: a payment on the principal of the loan (the amount borrowed); a payment on the interest; and a payment if applicable into a special account (called an escrow account)…