Glossary of Mortgage Loan Terminology
ANNUAL PERCENTAGE RATE (APR)
Definition
The cost of the credit expressed as an interest rate. It is figured on the total of all financing charges paid by the buyer over the life of the loan including, but not limited to, interest charges and settlement costs.
Synonyms
APR
Can't find a term you are trying to understand? We welcome suggestions for missing terms. Send us an inquiry and we'll add it.
