Annual membership or maintenance fee: An annual charge for having the line of credit available. Charged regardless of whether or not the line is used.
Annual percentage rate (APR): A measure of the cost of credit, expressed as a yearly rate. It includes interest as well as other charges. Because all lenders follow the same rules when calculating the APR, it provides consumers with a good basis for comparing the cost of loans, including mortgages.
Annual Percentage Rate (APR): calculated by using a standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the loan.
Annual percentage rate (APR): The cost of credit on a yearly basis expressed as a percentage.
Application fee: Fees that are paid upon application. May include charges for property appraisal and a credit report.
Application: the first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.
