What is APR
I have been quoted a flat rate on a refinance of 5% (5.9% APR). What does that mean? I am trying to do a comparison and find one bank is giving a rate 6.25% with closing costs of $1200 and another at 5% with closing costs of $2900.
This is only a $50,000 mortgage and I don't know what I should be asking. Any help will be appreciated!