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Archives: Mortgage FAQs

What is the difference between APR and interest rate?

The interest rate is the cost you will pay to borrow the money for a mortgage.  It does not include fees or other charges you may pay to obtain the mortgage.

The Annual Percentage Rate (APR) is the total cost of the loan, other charges or fees and is calculated by spreading the upfront costs over the life of the loan and expressing this as a percentage of the loan amount that you pay each year.

The APR reflects not only the interest rate but also any points, mortgage origination fees, and other charges that you pay to get the loan.

What’s the difference between pre-qualified and pre-approved?

A pre-qualification is a letter provided to a buyer from a loan officer. It is intended to provide an indication of the mortgage the buyer might qualify for.

A pre-approval letter from a lender, however, is a letter that indicates a conditional commitment to lend. There are always conditions for things not done yet like an appraisal or title work, and possibly conditions related to things a buyer still needs to provide. But it allows the loan originator to firmly state that the buyer qualifies for a specific mortgage amount, provided all conditions are eventually met and, based on an underwriter’s review of their financial information, including their credit report, pay stubs, bank statement, salary, assets and obligations which is documentation provided by the buyer.