Interest Rate - Mortgage Glossary
The percentage a lender charges you to borrow money, expressed as an annual rate. For example, a 6.5% interest rate on a $300,000 loan means you pay roughly $19
Interest Rate
The percentage a lender charges you to borrow money, expressed as an annual rate. For example, a 6.5% interest rate on a $300,000 loan means you pay roughly $19,500 in interest the first year. Even small differences in interest rates (like 6.5% vs 7%) can add up to tens of thousands of dollars over the life of a 30-year mortgage.