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When comparing loans, it’s important to look at the APR (annual percentage rate) and interest rate – even if you’re quoted the same interest rate from different companies.
The nominal interest rate is the percentage charged for borrowing money. When shopping for a mortgage, you’ll generally be quoted an interest rate. It’s considered the base rate, or starting point, which directly affects the monthly loan payment.
The APR is the rate calculated when the fees associated with making the loan are added to the original loan amount.
The fees charged can change from lender to lender, and the fees associated with the APR can vary as well, so the APR may not be the same even if the interest rate is. The APR calculation also assumes you will keep the loan for the duration of the term and is calculated to reflect that.
Lenders are required to disclose a truth-in-lending form to all borrowers showing the loan’s APR. Looking at your interest rate, loan fees and APR will give you a better understanding of what the loan will cost you over the long term.
Our mortgage experts can answer all of your loan questions – including about rates and fees. Give us a call to get started, and make sure to ask how you could save thousands at closing with no origination fee from Bell Bank Mortgage.