Exam term

Annual percentage rate

The cost of credit expressed as a yearly rate, abbreviated APR. It includes interest and certain charges, so it can exceed the note rate, but it does not capture every closing expense.

Lessons that use this term

General financing concepts: interest, amortization, points, and loan-to-value California
Financing and credit laws: truth in lending, RESPA, and fair lending California
Federal mortgage lending laws: RESPA, Truth in Lending, and equal credit Florida
Qualifying the buyer and finance math Florida
Mortgage fees: origination fees and discount points Florida
Truth in Lending and private mortgage insurance New York
Percentages: commissions, interest, appreciation and depreciation, and points New York
Truth in Lending and Regulation Z Texas
TILA-RESPA integrated disclosures: the Loan Estimate and the Closing Disclosure Texas