Interest

This is the fee you pay to the lender for borrowing money to purchase the home. All loans come with interest, which varies, depending on your credit score and financial history. Securing a low interest rate may save you money over the life of the loan, versus a high interest rate. This is why a solid credit score and low interest rates matter.

Read more: 2021 Housing Market Trends: Another Year of Growth

« Back to Glossary Index