is apr a good way to compare loan programs?

It's supposed to be, but it's not always because the formula is flawed. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

APR was designed to help you better shop for a loan program. Most times it fails to be the best method because lenders vary on what fees they use as part of the APR. You shouldn't ignore it, though, because the APR will reflect significant fees like points. Use a lender that can prepare a professional side-by-side comparison of each loan scenario along with the APR. Get a breakdown of fees, too.

The best way to compare loan programs is by your loan amount, interest rate and monthly principle and interest payment.

If you do a side by side comparison of a mortgage broker quote and a bank quote, both with the same interest rate and the exact same amount of fees, the bank APR will be lower than the broker, even though both deals are exactly the same. This is just how the laws work, so because the APR can be manipulated, i would suggest comparing the interest rate and the total lender fee's to determine which deal is best for you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Absolutely not UNLESS each offer has the same interest rate! If all lenders are quoting the same rate, on the same program, then APR is designed to show you which lender has the lowest costs. If the quotes have different rates, or on different different programs, APR is worthless confusing junk. www.MortgagesUnlimited.biz

The best way to compare loan programs is based on the actual interest rate. You may want to get a couple good faith estimates, as that will show the closing costs, points, prepaids and monthly payment. All the best to you. First Choice Mortgage, Linda Burek, NMLS #310096.

There are flaws is system, BUT i would compare APR on Broker to broker TIL"S and Lender to Lender APR's as the disclosure rules aren't the same. Rate plus closing costs excluding prepaids should give you a better feel for the deal that you are getting

I would go by the interest rate itself. The apr varies depending on what fees the lender includes in the apr.

Enter your answer here. best way to compare is requesting a 0 point loan . new york is an expensive closing state.you will have title charges filing charges, closing attorney , mortgage tax and probably escrows. this way your bank fees are kept to a minimium. gary schneider sayville,ny .cell 631-338-3022 to answer any additional questions