Interest Rate
Lending & MortgagesThe percentage charged by a lender for borrowing money, applied to the principal balance.
Example
Example: The difference between 6.0% and 7.0% on a $350,000 30-year mortgage is $232/month — that is $83,520 over the life of the loan. When shopping for mortgages, getting quotes from 3-5 lenders typically saves 0.25-0.50% on your rate. On this loan, that savings is $58-$116/month for 30 years.