Glossary · Financing
What is Interest rate?
An interest rate is the cost of borrowing money, expressed as a percentage of the loan you pay each year.
Definition
Your mortgage interest rate determines how much you pay the lender for borrowing. Even a small difference in rate can mean thousands of dollars over the life of a loan, which is why comparing rates matters.
Rates can be fixed (locked for the term) or variable (moving with the market), and depend on factors like your credit, the lender, and broader economic conditions.
When interest rate matters
- Comparing mortgage offers from lenders
- Understanding how rates affect your payment
- Deciding between fixed and variable
With Homeprint
How Homeprint helps with interest rate
Homeprint keeps your mortgage terms and renewal dates organized, so you're ready to shop for the best rate when it counts.
- Keep every related document in one secure place
- Track your home's value and finances over time
- Stay connected with trusted neighbourhood experts
Interest rate — FAQ
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