Mortgage loan APR 7.354% much higher than Interest Rate of 6.00%. Does this look right?
Loan Amount: $ 161,000
Estimated Closing Cost: $ 3,000
PMI: 0.96% – $ 128.80/month
But the Truth-in-Lending Disclosure has 7.354% APR which is more than 1% higher than interest rate. Does this look right? Loan office told me it’s because of the PMI that is why its much higher.
What do you think?
Hi there. thanks for all the answers. If PMI is inlcluded and the pmi rate is 0.96%, so the apr should be 6.96% ? Is this right?
also by the way, I am in 100% financing thats why my interest rate is a bit higher than today’s rates.