Mortgage and Real Estate Terms Sorted Alphabetically:
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.
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.
Mortgage Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
Mortgage
Glossary
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
I
- index, in file credit report, inflation, initial
interest rate, ingress and egress - more
L
- lender buy-down mortgage, liability insurance, LIBOR,
loan application - more
M
- manufactured home, market value, maximum loan amount,
mechanic's liens - 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)ï -more
V
- VA (Department of Veterans Affairs) Mortgage, vacancy
rate, VA funding fee - more
