How much money am I really saving in comparing loan products with different lenders? With many loan rates at an all time low, we need to be aware of Advertised Rates vs. the Annualised Average Percentage Rate (AAPR). The AAPR is the true cost of the proposed loan based on (among other factors) a specific loan amount and term; factoring the initial and reverting interest rates as well as the establishment and ongoing loan costs. The intention of the AAPR is to make it easier for consumers to accurately compare one product against another as opposed to purely comparing the lenders advertised rates. Mortgage World can quickly determine the AAPR amongst a panel of lenders specific to a particular loan term and amount. Wishing you all a great weekend.
Posted on: Fri, 12 Jul 2013 01:56:52 +0000
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