Home buyers should be aware of the interest rate on the principal loan amount and the annual percentage rate that represents the total cost of borrowing.
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Unfortunately, when you get a home loan, you pay for more than just the interest rate each month. This is because there are other fees and charges involved in the mortgage process. The APR (annual percentage rate) of the loan reflects these charges, and is a broader measure of the cost of borrowing money to purchase a home.
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