APR vs Note Rate - H5WLD-02

In this episode of High 5s with Lender Dave, we break down the difference between the APR and the Note Rate on your mortgage loan. We'll also show you how to compare the two rates to see if there are "Hidden Fees" you'll be paying in order to get the Note Rate you were promised.

If a lender offers you a rate that seems too good to be true . . . they might be spending YOUR money to make it happen.

A large spread between the note rate and the APR might indicate there are THOUSANDS of dollars being spent to get that rate. Maybe it's a good use of your equity or cash. Maybe it's not. Either way, you should know about it and be making the choice.

Let's get into this.

0:00 Intro
1:02 Some technical difficulties
1:32 APR vs Note rate topic start
2:30 A simple, generalized example of an APR calculation
4:24 Compare APRs to find the hidden fees
6:25 Wingovers and such - final thoughts - blooper

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