Our Mortgage Rate Relief Program is back, offering rates approximately 1.5% lower than current market rates to eligible homebuyers. Find out if you qualify today!

Interest Rate

Definition

The amount paid by a borrower to a lender in exchange for the use of the lender’s money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump-sum payment when the issue matures.

Related: