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The total yearly cost of borrowing money, expressed as a percentage. APR includes the interest rate plus fees and other charges, giving a more complete picture of loan costs than interest rate alone.
A mortgage with 6.5% interest rate might have a 6.8% APR after including origination fees, points, and other closing costs.
APR lets you compare loans apples-to-apples. A loan with lower interest but high fees may cost more than one with higher interest and lower fees.
Pro Tip: Always compare APRs, not just interest rates, when shopping for mortgages or loans.