Annual Percentage Rate (APR): What is APR in the Context of Property and Home moving?
The Annual Percentage Rate (APR) is a crucial term in the property industry, particularly for those looking to secure a mortgage. In simple terms, APR represents the total cost of borrowing money, expressed as an annual interest rate. It provides a more comprehensive view of your mortgage expenses than just the nominal interest rate. Definition The Annual Percentage Rate (APR) is the yearly cost of borrowing expressed as a percentage. It includes not only the interest rate but also any additional costs involved in securing a loan, such as arrangement fees or insurance. For example, if you take out a…