Annual Percentage Rate (APR)
The APR is calculated by taking the contractual interest rate on the Mortgage and adding any non-interest finance charges. This rate must be disclosed to Borrowers as per the Business Practices and Consumer Protection Act. So, always make sure this rate is shared with you!
About The Author
Don Scott
Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.
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