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The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.
Interest Rate
The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.
Conventional Conforming Mortgage
Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC).
Government
A loan that is either backed by the Federal Housing Administration (FHA) or a VA loan for eligible service members and veterans.
Larger Loan Amounts in Eligible Areas
In federally designated metropolitan areas, conventional and government loan limits have been increased to assist homebuyers.
Jumbo
A loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Also called a non-conforming loan.