Mortgage Dictionary for words that start with letter I
Impound Account - Account held by a lender for payment of taxes, insurance or other related expenses. Also known as an escrow account.
Improvement - Valuable additions to property which raise the value of the property.
In testate - Someone who has died without leaving a valid will.
Incidental Recording, Delivery, Wire, etc., Fees - Other costs that are incurred when a real estate loan is closed.
Index - A published rate or benchmark measure of current interest rate levels used to calculate periodic changes in rates charged on adjustable rate mortgages.
index - A published interest rate to which the interest rate on an Adjustable Rate Mortgage (ARM) is tied. Some commonly used indices include the 1 Year Treasury Bill, 6 Month LIBOR, and the 11th District Cost of Funds (COFI).
Installment Sale - A tax term used to describe a sale which is usually accomplished by use of a land contract.
Insured Mortgage - A mortgage insured against loss to the mortgagee (lender) in the event of default and failure of the mortgaged property to satisfy the balance owing plus cost of foreclosure.
Interest Payment Notification (1098) - A federal tax form that lenders use at year end to notify borrowers of the interest that was paid on their mortgage over the last year.
Interest Rate - The percentage of an amount of money which is paid for its use for a specified time.
Investment Property - A property that is not occupied by the owner and in most cases produces income or is held for gains from appreciation.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.