Every day we get asked “what is your best interest rate?” And every day we answer “before I give you our best interest rate, could we take a moment to discuss your unique financial profile?This way, I will not only give you our best interest rate, I will suggest the product that is best for you!” After having a number of lengthy discussions which started one way and ended on a completely different note…..I decided to investigate why so many people are so interested in interest and what exactly does interest mean?
Read below for some interesting dictionary definitions for interest:
1. the feeling of a person whose attention, concern, or curiosity is particularly engaged by something
2. something that concerns, involves, draws the attention of, or arouses the curiosity of a person
3. power of exciting such concern, involvement, etc.; quality of being interesting
4. concern; importance
5. a business, cause, or the like in which a person has a share, concern, responsibility, etc.
So there is the answer to my question from my online search of “interest”.
Let me sum it up…Interest is in the benefit of the lender and the borrower. If you have an interest in a property or business, you have a financial investment. If you have a financial investment you want a good interest rate.
That goes both ways; if you are borrowing you want a good rate and if you are lending you want a good rate. A rate arouses feelings of excitement and curiosity because you could save money. A great low rate gives one the power to excite such feelings.
Where am I going with this you ask? As a mortgage consultant, our task is to interest both the lender and borrower in their best interest and get everyone interested in a great rate. So asking about a rate really depends on who is lending and who is borrowing. That being said, next time someone calls or asks me about a rate, I may just tell them we have the most arousing rate that may induce some excitement! I wonder where that conversation is going to go…