Discover how mortgage interest works, how it's calculated, and the differences between fixed-rate and adjustable-rate loans. Learn tips to secure lower interest rates.

When you borrow money, you’ll also pay interest on top of the amount you borrowed.. Interest is the money the lender gets for loaning you the money. Read Next: 5 Subtly Genius Moves All Wealthy People ...

Interest-only mortgages require only interest payments initially, raising future payment amounts. These mortgages suit those expecting higher future income or planning to sell properties soon.

The rate on a 30-year fixed refinance is 6.34% today, according to the Mortgage Research Center. The 15-year, fixed-rate ...