- Apply for a Mortgage
- Contact Us
- Mortgage News
- Library & Statistics
- Rates & Tools
- Mortgage Services
- Home
1-800-604-1864
Professional Listings
Mortgage Statistics
Apply Now
Mortgage Rates
Current Mortgage RatesVariable closed: 1.65% 1 year closed: 1.64% 3 year closed: 1.59% 5 year closed: 1.69% 10 year closed: 2.84% Glossary
Tools
Mortgage Calculators Credit Card Calculators
Search the Glossary
GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
^
88% - Very Often
88% - Very Often
Annual Percentage Rate
Synonyms: | cost of loan, interest rate comparison, yearly percentage rate |
Acronyms & abbreviations: | APR |
Notes: | A number used to compare costs associated with mortgage loans and other forms of financing. |
Filed Under: | financial-banking, mortgages |
Tags: | finance, interest rates, loan, mortgage |
Definition of annual percentage rate (APR)
- annual percentage rate (APR)
- 1. A yearly interest rate that includes fees and costs paid to obtain the loan. Lenders are required by law to disclose this interest rate. The rate is calculated in a standard way, taking the average compound interest rate over the loan term, so borrowers can compare loans. In mortgages, it is the interest rate of a mortgage when taking into account the interest, mortgage insurance, and certain closing costs including points paid at closing. There is no APR in an automobile lease; instead, the cost of money is expressed as the money factor.
Related Terms and Acronyms:
- compounding method Used in Bank rate tables. These include: S--Simple interest. A--Compounded annually. H--Compounded semi-annually. Q--Compounded quarterly. M--Compounded monthly. D--Compounded daily.
- interest rate (IR) The rate a lender charges an individual to borrow money.
- interest-crediting methods A number of methods used to establish how interest is accrued, owed and dispersed to the parties due.
- monthly periodic rate The interest rate factor used to calculate the interest charges on a monthly basis. The factor equals the yearly rate divided by 12.
-
mortgage rate
The interest rate on a mortgage loan.
➥ You can compare mortgage rates using this website by clicking 'Rates' above. - note rate The percentage paid by a borrower for the use of money, usually expressed as an annual percentage on a promissory note.
- principal and interest (P&I, PI) Acronym for the elements of a mortgage payment: principal and interest.
- simple interest (SI) Interest computed only on the principal balance, without compounding.
- spread The difference between the interest rate charged to borrowers and the interest rate paid to depositors.
- total annual loan cost (TALC) A method of finding the annual cost of a reverse loan.
More Related Terms and Acronyms
- annual percentage yield (APY) — Acronym
- compound interest — Definition
- interest (IN, int) — Acronym & Abbreviation
- interest adjustment date — Definition
- interest factor — Definition
- simple interest loan — Definition
Search the Glossary
New Rate Comparison Calculator
Having trouble picturing how different interest rates and amortizations can affect the amount you'll end up paying in interest? Our new mortgage calculator graphs how much of your payment goes towards interest and how much goes towards the principal over your entire amortization. You can even plug in a new rate, term, or amortization and calculate or compare two mortgage interest rates side-by-side. Debt Consolidation
Is your phone ringing off the hook? Stop screening your calls! Use the equity in your home to consolidate your debt and make those irksome creditors vanish forever! Click here to learn more.Urban or Rural Mortgage
Regardless of where you are in Canada, we will work hard to provide you with a low interest mortgage rate. To find out what we have available, fill out our mortgage application today.
|
Tel: 1-800-604-1864 Fax: 1-866-565-1864 info@superbrokers.ca |
© 2000-2020 Super Brokers is Canadian owned and operated by Colloco Enterprises.
All trademarks and logos are the property of their respective owners. All rights reserved.
All trademarks and logos are the property of their respective owners. All rights reserved.