APR (Annual Percentage Rate) reflects the true yearly cost of a loan, including interest rate plus fees and closing costs.

Why is APR higher than the interest rate?

APR includes additional costs like origination fees, points, and closing costs, making it higher than the nominal interest rate.

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What is APR?: APR (Annual Percentage Rate) reflects the true yearly cost of a loan, including interest rate plus fees and closing costs.
Why is APR higher than the interest rate?: APR includes additional costs like origination fees, points, and closing costs, making it higher than the nominal interest rate.