APR vs Interest Rate | What’s the Difference in Your Mortgage?

What’s the real difference between your APR and your interest rate? In this week’s Mortgage Matters in Minutes, Brent Rasmussen—owner of Mortgage Specialists—breaks down this often-confusing topic in simple, easy-to-understand terms. We’ll cover: Why your APR is always higher than your interest rate How closing costs, fees, points, and mortgage insurance factor into APR Why lenders must disclose APR under Truth in Lending laws (TILA) How APR helps you compare loan offers between lenders What matters most for your monthly mortgage payment Remember: your monthly mortgage payment is always based on your interest rate, while the APR reflects the true cost of borrowing. Understanding this difference will help you avoid surprises and shop smarter for a mortgage or refinance. 📞 Contact Mortgage Specialists: Call 402-991-5153 or visit mtg-specialists.com for clear answers to all your mortgage questions. ☑️ Have mortgage questions? Choose the time that works best for you to chat: https://calendly.com/mortgage-specialists-omaha ☑️ Ready to get preapproved? https://mtg-specialists.com/online-application/ ☑️ Call our office: 402-991-5153 ☑️ Blogs: https://mtg-specialists.com/blog/ ☑️ Google Reviews: https://tinyurl.com/55zft5ef Follow us! Facebook - www.facebook.com/mortgagespecialists Instagram - www.instagram.com/mortgagespecialistsomaha/?hl=en Twitter - www.twitter.com/MTGSpecialists Timestamps for MMM 182: APR vs Interest Rate | What’s the Difference in Your Mortgage? 0:00 - Intro 0:38 - Annual Percentage Rate 2:05 - Comparing Mortgage Lenders 3:15 - Conclusion 3:41 - Outro Mortgage Matters in Minutes Episode 182: APR vs Interest Rate | What’s the Difference in Your Mortgage? Licensing info: Brent Rasmussen, NMLS 5918 at Mortgage Specialists, LLC NMLS 2424 For licensing, go to www.nmlsconsumeraccess.org Address: 8420 W Dodge Road #113, Omaha, NE 68114 Equal Housing Lender Website: mtg-specialists.com Applicant subject to credit and underwriting approval. Restrictions may apply, contact Mortgage Specialists, LLC for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Mortgage Specialists, LLC does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Mortgage Specialists, LLC. Mortgage Specialists, LLC and its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Mortgage Specialists, LLC is a limited liability company organized under the laws of the State of Nebraska. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture, or any other government agency. Mortgage Matters in Minutes Episode 182: APR vs Interest Rate | What’s the Difference in Your Mortgage?