I've gotten myself confused about what "comparison rate" is
Is it:
a. The "effectual" rate of the loan (i.e when you add in yearly fees, higher rates in future years {eg. if home starter type loans}, etc - what the interest rate really is)
b. The average of other lenders/similar products rates to compare against
c. Something else?
I always thought it was "a" - but certain comments lately have made me think it's "b"?
Thanks
Jen
Is it:
a. The "effectual" rate of the loan (i.e when you add in yearly fees, higher rates in future years {eg. if home starter type loans}, etc - what the interest rate really is)
b. The average of other lenders/similar products rates to compare against
c. Something else?
I always thought it was "a" - but certain comments lately have made me think it's "b"?
Thanks
Jen