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Is comparing annual percentage rates (APR) an effective way to choose between 2 different mortgages? |
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No. The APR is based on a crucial assumption that you will hold the mortgage note for its entire term, typically 30 years. If you hold the note for less time than its entire term, the APR begins to increase. The shorter the time you hold the note, the higher the APR. The best way to shop for a mortgage is to insist on a No Fee Mortgage and then shop for the lowest No Fee Mortgage rate. Only America's Mortgage Store offers both.
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