Truth in Lending was introduced in 1968 to ensure uniformity in the way that costs incurred in borrowing, such as a mortgage loan, are calculated and presented to the borrower. It should, in theory, enable consumers to compare the costs of various mortgage loan types and lenders in a consistent manner. Let’s take an example. […]
Tag Archive | "APR"
What is APR? It stands for Annual Percentage Rate, but what does that mean? You will see the term on every quotation for finance or credit cards you receive. It is one of those ubiquitous terms that very few people actually understand. What confuses many is the APR is generally higher than the note rate […]