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APR

 

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What is Annual Percentage Rate?

The APR or Annual Percentage Rate calculation was created to measure the "true cost" of a loan, a single number enabling borrowers to comparison shop among different lenders offering various note rate/loan fee combinations.

APR or Annual Percentage Rate is based on, or consists of: interest charges, mortgage insurance premiums and the fees charged in connection with making the loan. These are expressed as a percentage of the amount financed.

The specific fees included in the APR calculation make up the "Prepaid Finances Charges" or "APR Fees." These fees also enable the calculation of the "Amount Financed" and "Total Finance Charge" figures which appears on the Truth-In-Lending Statement (TIL).

In simple terms, APR Fees include fees paid in connection with obtaining the loan. Fees that might be paid in a comparable "all cash" transaction generally are not considered APR Fees.

Lenders often disagree in their interpretations about which fees are APR Fees and which are not. Under Regulation Z, secondary market purchasers of closed loans assume liability for APR and Total Finance Charge errors committed by the originator of a loan. For this reason, the lender will typically rely on its own interpretation of APR Fees, and will decline to purchase or originate loans which it feels violate these provisions of the Truth-In-Lending Act.

View our APR Fee chart for a comprehensive list of fees that might be charged in a loan transaction. An 'x' mark appears in the column labeled "APR Fees" if the fee is one that Associate Mortgage's lenders generally consider to be a Prepaid Finance Charge.

Paid Out Side of Closing or Prepaid (POC) :
Is paid by the borrower. For example, typically, the appraisal fee is paid to the appraiser when they arrive to perform the property inspection. The credit report is also paid by the borrowers at the time it is ordered.

APR Fees

This list includes fees commonly charged at or before closing. If you see that a particular fee not listed here, please contact a representative of Associate Mortgage for a determination of whether it is considered in determining your APR or Annual Percentage Rate. For more information on Regulation Z, click here....

 

Fee Description APR Fee
Lender Origination Feex
Loan Discount Feex
Appraisal Fee POC
Credit Report Fee  POC
Inspection Fee
(one time inspection -- excludes construction inspections)
 
Broker's Origination Feex
Broker Loan Discount Feex
Tax Service Feex
Flood Determination Fee
(without life-of-loan coverage)
 
Life Of Loan Coverage Flood Fee
(or combination of flood determination and life-of-loan coverage)
x
Lender/Broker Underwriting Feex
Processing Feex
Courier Feex
Lender Courier Feex
442 Recertification Fee 
Mortgage Insurance Premium and Impound Cushion x
Administrative Feex
Application Fee  
Commitment Feex
Escrow/Closing Agent/Closing Attorney Fee x
Title Search/Abstract Fee 
Title Exam/Survey Fee 
Title Binder Fee 
Document Preparation Fee ** 
Redraw Fee 
Notary Fee 
Lender's Attorney Feex
Title Policy Premium Fee 
Loan Tie-Inx
Sub Escrow By Title Company To Pay Off Existing Liens On Loan x
Co-Op Lien Search Fee 
Title Endorsement Fees 
Fax Fee By Title Companyx
Courier, Email and/or Copy Fee By Title Company x
Mortgage Tax 
Recording Fees 
City/County Tax/Stamps 
State Tax/Stamps 
Intangible Tax 
Survey Fee 
Pest Inspection Fee 
Consolidation Prep Fee 
Wire Transfer Fee
(regardless of who charges it)
x
Signing Feex
Non-Closing Attorney Fee
(retained by borrower)
 

 

Page Updated: 07/31/2007

 


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