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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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I - index, in file credit report, inflation, initial interest rate, ingress and
egress…more
INDEX - an economic indicator, usually a published interest rate, that
determines changes in the interest rate of an
adjustable rate mortgage . ARM rates are adjusted to reflect changes in
the index. The margin is the amount a lender adds to the index to establish the
actual interest rate on an ARM.
IN FILE CREDIT REPORT - a computer generated credit report of credit and legal
information obtained from a credit repository. Some in file credit reports, may
be a tri-merge of three credit reporting agencies.
INFLATION - an increase in the amount of money or credit available in relation
to the amount of goods or services that are available. This causes an increase
in the general price level of services and goods. In time, inflation reduces
the purchasing power of the dollar, thus making it worth less money.
INITIAL INTEREST RATE - the original interest rate on a mortgage at the time of
closing the loan. This rate changes on an adjustable rate mortgage (ARM). The
initial interest rate is also known as a start rate or teaser rate.
INGRESS AND EGRESS - the right to enter and exit land.
INSOLVENCY - a condition in which a debtor is unable to pay his or her
creditors.
INSTALLMENT - the periodic payment that a borrower agrees to pay a lender.
INSTALLMENT LOAN - borrower money that is repaid in payments, known as
installments.
INSTITUTIONAL LENDER - a financial institution that lends to the general
public. Some examples are mutual savings banks, commercial banks, federal
savings banks (formerly called savings and loans), pension and trust funds,
life insurance companies.
INSURABLE INTEREST - the interest of an owner, lessee, mortgagee or trustee
which is insured against financial loss in the case of specified events.
INSURABLE TITLE - a real property title that a title insurance company agrees
to insure against defects.
INSURABLE TITLE - the net value of real property being insured after land and
other exclusions have been deducted.
INSURANCE - a contract that provides compensation for specific losses in
exchange for a periodic payment.
INSURED LOAN - generally speaking, a mortgage loan insured by FHA or a private
mortgage insurance company.
INTEREST (LOANS) - the sum paid for borrowing money, which pays the lender's
costs of doing business along with repaying the lenders source of money as
well. "Interest Rates" are typically a function of market conditions, expenses,
and borrower risk of loss probability. For example, all things being equal, if
you compared same exact loan - lender to lender to lender, they'll normally
cost almost the same.
INTEREST RATE CEILING - for an adjustable rate mortgage (ARM) loan, it's the
maximum interest rate, as specified in the mortgage note or deed of trust's
note.
INTEREST RATE FLOOR - again, for an adjustable rate mortgage (ARM) loan, it's
the lowest mortgage rate
, as specified in the mortgage note or deed of trust's note.
INVESTMENT PROPERTY - a real property that is not occupied by the owner. Find
out more about
investment property loans .
INVESTOR - any person or institution that invests in mortgage instruments or
other items of value.
INDIVIDUAL RETIREMENT ACCOUNT (IRA) - a retirement account that allows
individuals to make tax deferred contributions to a personal retirement fund.
Individuals can place IRA funds in bank accounts, or other forms of approved
investments accounts - such as stock, bonds, or mutual funds.
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A
- adjustable rate mortgage, adjustment interval, amortization, annual
percentage rate (APR)…more
B – balloon mortgage, bankruptcy, basis point, beneficiary…more
C - caps, cash flow, cash out (second mortgage), cash out refinance…more
D - debt consolidation, debt service, debt reduction plan, debt-to-income
ratio…more
E - earned and unearned income, earnest money, easement, economic life…more
F - Fair Credit Reporting Act, fair market value, Fannie Mae…more
G - good faith estimate, grace period, gradual payment mortgage (GPM),
grantee…more
H - home equity, home improvement loan, Home Mortgage Disclosure Act
(HMDA)…more
L - lender buy-down mortgage, liability insurance, LIBOR, loan application…more
M - manufactured home, market value, maximum loan amount, mechanic’s lien…more
N - negative amortized (Neg/AM), Neg AM Loans, negative cash flow, net
worth…more
O - obsolescence, off-site improvements, on-site improvements, ordinary
income…more
P – par, partial payment, partnership, party wall, payment shock…more
Q – quality control, quit claim deed, quote…more
R – rate shopper, real property, real estate loans, reconciliation…more
S – sales contract, satisfaction or mortgage, seasoned mortgage, second
mortgage…more
T – tax lien, tenancy in common, tenant, term, title, title insurance…more
U – underwriting, unencumbered property, uniform commercial code (UCC)…more
V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
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