When looking at mortgage rates on various types of loans, you will often run across displayed interest rates higher than the annual percentage rate (APR). The APR is defined as the interest rate of the loan, including the various fees and additional costs associated with it. These fees include closing costs, such as processing fees, insurance fees, origination fees, broker fees, etc. So, it’s understandably slightly confusing when the APR is actually lower than the interest rate.

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