Home About Writers Categories Recent Issues Subscribe Contact File Transfer





Richard Ciemny
Richard Ciemny is Vice-President, Director & Branch Manager of The First National Bank of Anthony, Wichita Branch. Richard has been in the banking profession for many years in the Wichita area. He has been an active member of the Kansas Bankers Association and the Community Bankers Association of Kansas. The First National Bank of Anthony, Wichita Branch, is located at 10111 W. 21st St. North. You may contact Richard at (316) 721-9000.
Banking & Finance
2002-10-01 12:36:00
What is APR?
Richard Ciemny Question: What is APR?Answer: APR or Annual Percentage Rate is the interest rate that you are paying after adding in some of the costs associated with closing the loan.It is always different from the note rate that is stated on your loan.  Because different lenders charge different fees for their loans, the Federal Truth in Lending Law requires mortgage companies to disclose APR when they advertise a rate as a way to compare lenders. For example, two lenders may advertise an 8% rate but if their closing costs are different, this will show up in the APR rate with the higher closing cost lender having a higher APR. The APR does not affect your monthly payment. Your monthly payment is based on your note rate and the life of the loan.
 
The Q & A Times Journal accepts no responsibility for unsolicited manuscripts or photographs.Materials will not be returned unless accompanied by a stamped, self-addressed envelope. Thank you.
 
Wildcard SSL Certificates