APR

Definition

Annual Percentage Rate (APR) is the cost of credit on a yearly basis, expressed as a percentage.

The Annual Percentage Rate must be disclosed by the lender under the federal Truth in Lending Act, Regulation Z.

Annual Percentage Rate (APR) includes up-front costs paid to obtain the loan, and is, therefore, usually a higher amount than the interest rate stipulated in the mortgage note.

Does not include title insurance, appraisal, and credit report.

Related Terms

Other terms related to 'APR' starting with the letter 'A'

Adjustable rate mortgage ARM, Automated underwriting system, Auction site, Authorized user, Assumption

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