If you have or thinking of getting a mortgage, or a loan you may have heard the term prime. If you are in the industry you have probably heard of the “overnight lending rate.” Lines of credit, Home equity lines of credit, and variable mortgages are all considered fluctuating rates. These rates go up or down based on the prime rate. Prime is a rate that financial institutions lend at. Depending on the product that you are getting ie. mortgage or loan, the rate offered would be at prime – […]