Question by JacobG: How much more should an APR be than the base mortgage rate?
What is a typical spread for the base mortgage rate to APR for a jumbo mortgage?
I am applying for a 30-year fixed jumbo FHA loan and was quotes a mortgage rate of 5% but with an APR of 5.69%. Is that spread typical (i.e. 0.69% more)?
Best answer:
Answer by Itchy1977
not that simple I’m afraid. APR is an incredibly complex equation to take into account compounded interest and any hidden charges.
The flat rate is the actual interest rate. APR is simply for comparing the overall cost between lenders. It actually bears no resemblance to the rate you pay.
What do you think? Answer below!
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