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Can someone explain why ARM interest and APR difference is so much. I've seen keybank having 6.35% interest but 7.3% APR. That's a pretty substantial difference. Did anyone close with an ARM loan? What was your closing cost related to the loan? Was the APR similar to the interest? #mortgage
Costs to enter Ioan are also considered. I can get a 5% loan but apr will still be around mkt rate of 7.5%. I would have to pay large fee to buy down rate.
Apr and rate should be fairly close. If they are far apart then the lender is charging you a lot of fees and you’re paying that cost. Lenders will put bs stuff in there get a couple of quotes and get them to match. This shouldn’t be an arm only problem. If you’re refinancing then they’re buying points and adding that cost to the loan
With fixed mortgage lender promises exact same interest rate over the lifetime of the loan - higher risk to the lender. With ARM (adjustable rate mortgage), they have the right to increase interest if market rates significantly go up - less risk for them to give you lower rates in next few years. But, with ARM, you as a borrower, run into risk of your interest rate increasing suddenly and significantly. Take your poison