Interest Rate vs APR
You are most likely to encounter low mortgage interest rates and low annual percentage rates (A.P.R.) on television commercials or newspaper ads as lenders vie for the attention of potential borrowers looking for the lowest mortgage rates. This is just a tactic for them to get you to call so they can explain why you don’t qualify for the advertised mortgage interest rate and proceed to sell you on a higher interest rate with higher fees. So remember the old adage “Buyer Beware”.
