|
|
 |
 |
|
REAL ESTATE GLOSSARY
|
 |
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
IMPOUND ACCOUNT
That portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves.
IMPROVED LAND
Any parcel of land which has been changed from its natural state through the creation of roads, buildings or other structures.
IMPROVEMENTS
Additions to raw land such as buildings, streets, etc. that add value to the land.
IMPROVEMENT RATIO
The comparative value of a improved piece of land to its natural, unaltered state.
INCOME APPROACH
The process of estimating the value of property by considering the present value of a stream of income generated by the property.
INCOME PROPERTY
A piece of property whose highest and best use is the generation of income through rents or other sources.
INDEPENDENT APPRAISAL
An estimation of value created by a professional, certified appraiser with no vested interest in the value of the property.
INDEX
A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as one- three-, and five-year U.S. Treasury security yields, the monthly average interest rate on loans closed by savings and loan institutions, and the monthly average costs-of-funds incurred by savings and loans), which is then used to adjust the interest rate on an adjustable mortgage up or down.
INFLATION
An increase in the amount of money or credit available in relation to the amount of goods or services available, which causes an increase in the general price level of goods and services. Over time, inflation reduces the purchasing power of a dollar, making it worth less.
INGRESS AND EGRESS
The right to go in and out over a piece of property but not the right to park on it. See also Easements.
INITIAL INTEREST RATE
The original interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). Sometimes known as "start rate" or "teaser."
INSPECTION
The examination of a piece of property, its buildings or other amenities.
INSTALLMENT
The regular periodic payment that a borrower agrees to make to a lender.
INSTALLMENT LOAN
Borrowed money that is repaid in equal payments, known as installments. A furniture loan is often paid for as an installment loan.
INSURABLE TITLE
The title to property which has been sufficiently reviewed by a title insurance company, such that they are willing to insure it as free and clear.
INSURANCE
A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.
INSURANCE BINDER
A document that states that insurance is temporarily in effect. Because the coverage will expire by a specified date, a permanent policy must be obtained before the expiration date.
INSURED MORTGAGE
A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.
INTEREST
The fee charged for borrowing money.
INTEREST ACCRUAL RATE
The percentage rate at which interest accrues on the mortgage. In most cases, it is also the rate used to calculate the monthly payments, although it is not used for an adjustable-rate mortgage (ARM) with payment change limitations.
INTEREST ONLY
A term loan arrangement calling for payments of interest only, not to include any amount for principal.
INTEREST RATE
A percentage of a loan or mortgage value that is paid to the lender as compensation for loaning funds.
INTEREST RATE BUYDOWN PLAN
An arrangement wherein the property seller (or any other party) deposits money to an account so that it can be released each month to reduce the mortgagor's monthly payments during the early years of a mortgage. During the specified period, the mortgagor's effective interest rate is "bought down" below the actual interest rate.
INTEREST RATE CEILING
For an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note.
INTEREST RATE FLOOR
For an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage note.
INTEREST RATE SWAP
A transaction between two parties, in which each agrees to exchange payments tied to different interest rates or indices for a specified period of time.
INTERIM FINANCING
A construction loan made during completion of a building or a project. A permanent loan usually replaces this loan after completion
INTERMEDIATE-TERM MORTGAGE
A mortgage loan with a stated maturity at the time of purchase that it is equal to or less than 20 years.
INVESTMENT PROPERTY
Any piece of property that is expected to generate a financial return. This may come as the result of periodic rents or through appreciation of the property value over time.
INVESTOR
A money source for a lender.
IN-FILE CREDIT REPORT
An objective account, normally computer-generated, of credit and legal information obtained from a credit repository.
IRA ( INDIVIDUAL RETIREMENT ACCOUNT )
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 in other forms of investment such as stocks, bonds, or mutual funds.
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
|
|
|
 |
|
Information about city that we want to target.
Real Estate in Hacienda Heights
Mortgage Broker in Hacienda Heights
Find good Loan Officer in Cerritos
|
|
|
|
| |
|
|
Home mortgages subject to credit review and approval