Have a question about Refi--rate vs. APR
01-13-2009 08:04 AM
Hey all--hubby and I started the refi process, and we secured a rate of 4.25% on a 15 year loan.
Anyway on the truth in lending, it shows the apr as 4.637%--the loan officer said it just represents the amount truly financed, and that my interest payment is based on my rate and not on my apr. Can anyone verify??? The truth in lending was the first time we saw interest at less than half our home value....crazy.
The rate was on the other documents but when I saw the APR on the truth in lending I started asking questions. Someone please let me know.