Sunday, December 15, 2013 - Article by: Mina Galab - Omega Financial Services -
When banks and mortgage companies are showing their rates, these are NOMINAL rates, even if the note would show these rates, but they don't include other hidden costs, or fees that the lender may charge, which would be included in the annual percentage rate (APR) and the is the rate that borrowers should consider in evaluating and comparing different lenders. and that is why the new regulations prevent lenders from advertising their rates without showing their APRs.
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