Cost for the use of a loan, usually expressed as a percentage of the loan, paid over a specific period of time. The interest rate does not include fees charged for the loan. See also: annual percentage rate (APR).
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Home loans differ based on their type, such as fixed-rate or adjustable-rate, and their loan Glossary_Term: term. Loans also vary in Glossary_Term: interest rate and Glossary_Term: annual percentage rate (APR), and buying Glossary_Term: points can lower your interest rate. We’ll help you understand your mortgage options so you can find the loan that’s right for you.