|
Impound, or Reserves |
The portion of a borrower's monthly payments
held by the lender to pay for taxes, hazard and mortgage
insurance, lease payments, and other items that will come due |
|
Income approach |
The method of estimating the value of a property
by calculating its generated income |
|
Income property |
Real estate developed for the purpose of
generating income |
|
Indemnify |
To provide for compensation in the case of loss
or damage to property |
|
Indemnity |
The statement of terms under which loss or
damage to property will be compensated |
|
Index |
A published interest rate used by lenders to
compare the interest rate for an adjustable-rate mortgage (ARM)
with that earned by other investments (e.g., the yield on
Treasury bills, interest rate on loans from savings and loans
institution, etc.), as a result of which the ARM interest rate
is adjusted |
|
Ingress |
The right to enter on or over a piece of
property |
|
Insurable Title |
A property title which an insurance company is
willing to insure against possible claim |
|
Installment contract, or Contract for deed |
A contract for the sale of real estate whereby
the buyer is in possession of the property while paying off the
purchase price in periodic installments, despite the title being
retained by the seller until the future date of final payment |
|
Insured closing letter |
An indemnity provided by a title insurance
company to a lender, whereby the title insurance company assumes
responsibility in the case that the closing agent does not
fulfill the terms of the loan, or misappropriates the loan
proceeds |
|
Insured mortgage |
A mortgage that is protected by the Federal
Housing Administration (FHA) or by private mortgage insurance
(MI) so that if the borrower defaults on the loan, the insurer
compensates the lender the lesser of the loss incurred or the
actual insured amount |
|
Interest rate buydown plan |
An arrangement made for the initial years of a
mortgage whereby the seller (or any other party) deposits money
into an account that is then released toward the monthly
payments on the mortgage, thereby bringing the mortgagor's
interest rate down below the actual interest rate |
|
Interest rate ceiling |
The maximum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
|
Interest rate floor |
The minimum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
|
Interim financing |
A temporary or short-term loan, often made
during the construction phase of a building project, and usually
replaced by a permanent long-term mortgage |
|
In testate |
The condition of dying without leaving a will.
The description of an estate without a will |
|
Involuntary lien |
A claim or charge against property placed
without the consent of the property's owner |
