Real Estate Glossary | What are interest rates??

Q: What are interest rates?

The cost of borrowing money, typically a percentage of the amount borrowed. In the context of real estate, interest is the cost associated with borrowing money to purchase or finance a property. Interest rates can vary and can have a significant impact on the overall cost of borrowing. Interest can be fixed, meaning the rate stays the same over the life of the loan, or adjustable, meaning the rate can change over time.

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