The cost of credit, expressed as a yearly rate including interest, mortgage insurance, and loan origination fees. This allows the buyer to compare loans, however APR should not be confused with the actual note rate.
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Cleaning Up the Dark Alleys of Mortgage Shopping
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Adjustable-Rate Mortgage (ARM) – Mortgage Terms Explained by Animals
A mortgage with an interest rate that changes during the life of the loan according to movements in an index rate. Sometimes called AMLs (adjustable mortgage loans) or VRMs (variable-rate mortgages).
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