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Before you judge loan rates, Fidelity Savings would suggest that you consider the following question:
Is comparing APRs the best way to decide which lender has the lowest rates and fees?
The Federal Truth-in-Lending Act requires that all financial institutions disclose the Annual Percentage Rate (APR) when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some of the closing fees charged at the loan settlement and closing be included, in addition to the interest rate, to determine the cost of financing over the full term of the loan.
For Adjustable Rate Mortgages (ARMS), the APR can be complex. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments
You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that is best for you. Also, the APR does not include all the closing costs. Look at total fees, possible rate adjustments in the future if you are comparing ARMS, and consider the length of time that you plan on having the mortgage financing for your home, etc.
Don t forget that the APR is an effective interest rate not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.
Fidelity Savings accessible and experienced loan officers are glad to meet with you, without obligation, to help you evaluate alternative loan products and the financial impact on your monthly income. Fidelity Savings is recognized for its continued customer service both during and after the loan is granted. Fidelity Savings success in its community is seen through helping those with borrowing and deposit needs from today s generation, their parents and their grand-parents before them. Fidelity Savings is recognized for being a banking tradition since 1885. We can make a difference, Let us show you how!
Rates are accurate as of 11/20/2017. All rates are subject to change and are stated as of the date listed above. If you would like current rate information after the rate effective date, please call Fidelity Savings’ experienced Loan Officers at 215-788-0448 for more information on Loan Products, or Contact Us to send your communication to us.