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What is the difference between the interest rate and the APR?

An annual percentage rate (APR) is a calculated rate that is different from the mortgage interest rate. The APR is intended to be used to compare loans from different lenders. The APR represents fees and certain loan costs, including points and interest, as a cumulative rate that is disclosed to borrowers. The Federal Truth in Lending Act requires mortgage companies to disclose the APR when they advertise an interest rate to help borrowers compare the true costs of the loan.

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