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  Annual Percentage Rate (APR) Definition
Annual Percentage Rate (APR) The annual percentage rate, also known as the APR, is a measurement used by lenders that allows you to see the total cost of your mortgage, including the closing fees and the lender points. Lenders are required by law to show you a loan’s APR, but not all lenders use the same formula to determine what their APR is quoted at. Because of this, an APR comparison between lenders can be misleading. Be sure that you’re comparing similar terms whenever you compare two different APR quotes.

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