Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of V
Variable Interest Rate
An * interest rate which is tied to an index, such as the Wall Street Journal Prime, and fluctuates (rises and falls or varies) during the life of a loan. The payments you would make may increase or decrease accordingly. Also know as an adjustable rate.
Glossary For This Page
(In Alphabetical Order)
* Interest Rate
The percentage of a sum of money charged to the borrower by the lender for borrowing the lender's money.
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