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Annual Percentage Rate (APR)

A measure of the cost of credit, expressed as a yearly rate. It includes interest as well as other charges. Because all lenders, by a federal law, follow the same rules to insure the accuracy of the annual percentage rate, it provides the consumers with a good basis for comparing the cost of loans, including mortgage plans. APR is a higher rate than the simple interest of the mortgage. The APR is often misunderstood and difficult to accurately quote, Southwest Funding mortgage retail branch offices enjoy training and compliance support in this and all areas of mortgage lending.

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