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Updated over 4 years ago on . Most recent reply

Kim Hud's profile image
Kim Hud's profile image
Kim Hud
  • New to Real Estate
  • from Virginia Beach
  • Member since Nov 3, 2019
  • Posts 58
  • Votes 44
  • Experience 5 Yrs
  • Investments 1
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User Stats

58
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Votes
Kim Hud's profile image
Kim Hud's profile image
Kim Hud
  • New to Real Estate
  • from Virginia Beach
  • Member since Nov 3, 2019
  • Posts 58
  • Votes 44
  • Experience 5 Yrs
  • Investments 1
Connect
Kim Hud
  • New to Real Estate
  • Virginia Beach
44
Votes |
58
Posts
Private Lending & Conventional Mortgage Advice

Interest Rate and Annual Percentage Rate Question

Kim Hud
  • New to Real Estate
  • Virginia Beach
Posted

New BiggerPockets member, 1st time home buyer, and 1st post! Recently got approved for a FHA 203k loan - yay 😃

My interest came back 3% but my APR came back 4% what is that about?

Am I ultimately paying 4%? Is this bad or good?

1 Vote
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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
  • Real Estate Professional
  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks's profile image
Wayne Brooks's profile image
Wayne Brooks
  • #1 Foreclosures Contributor
  • Real Estate Professional
  • from West Palm Beach, Florida
  • Member since Jul 27, 2012
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,508
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

The APR adds in all the fees, PMI (.85%/year) and such and calculates/show the total cost of the loan.

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