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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION
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- Impound
- In terms of a mortgage loan, it is the inclusion of certain expenses into the loan's monthly payment.
- Impounded Payment
- Monthly mortgage loan payment that includes payment of taxes and insurance for the given property.
- Income
- Monetary gain from the total of returns on capital investment and wages earned from labor.
RELATED MORTGAGE TERMS: Gross Income|Net Income
- Income Statement
- Document that states the income of an individual such as IRS tax forms W-2 and 1099. Most mortgage banks and lenders require these documents from an individual before a mortgage loan application can be approved.
RELATED MORTGAGE TERMS: Documentation Requirements|Stips
- Index
- In terms of a mortgage loan, it is a table of interest rates used by lenders to determine fluctuations of an interest for an adjustable rate mortgage over a specified period of time.
- Indexed ARM
- Type of adjustable rate mortgage loans where the interest rate fluctuates according to an index rather than at the discretion of the lender. All adjustable rate mortgages in the United States are of this type.
MORTGAGE LOAN EXAMPLES: Indexed Mortgage Loan
- Indexed Rate
- The current published index value plus the current margin. The index rate would be 9.00 percent if the current published index value were 7.00 percent and the margin were 2.00 percent.
- Inflation
- A decrease in the value of the dollar due to the number of dollars in circulation exceeding the amount of goods and services available for purchase.
- Initial Interest Rate
- Interest rate that is fixed and used to calculate the monthly payment for the initial years of a hybrid adjustable rate mortgage.
RELATED MORTGAGE TERMS: Hybrid ARM
- Initial Rate Period
- The period of time the interest rate remains fixed during the beginning of a hybrid adjustable rate mortgage. This period of time usually lasts between one and ten years for the typical mortgage loan offered in the United States.
- Installment
- In terms of a mortgage loan, it is the set periodic payment a borrower agrees to make to the lender or other financial institution.
- Insured Mortgage
- Mortgage loan that is insured by the FHA or by a private mortgage insurance company.
- Interest
- In terms of a mortgage loan, it is the money paid by a borrower to a lender for financing the loan amount over the specified period of time.
- Interest Accrual Period
- Amount of time for which the interest due has been calculated.
- Interest Accrual Rate
- Percentage rate that is used to calculate the amount of interest due for a given period of time.
- Interest Cost
- Calculated amount of money that will be paid over the term of the mortgage loan by the borrower for financing the loan amount.
- Interest Due
- See Interest Payment
- Interest Only Loan Program
- Mortgage loan program where only the amount of accrued interest is paid in each monthly payment for a specified period of time. During this time the mortgage loan balance remains unchanged, but after this specified time frame the principal balance will begin to decrease with each monthly payment.
RELATED MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)
MORTGAGE LOAN EXAMPLES: Interest Only Mortgage Loan
- Interest Payment
- Monthly payment for a mortgage loan where only the interest accrued is paid, and the principal balance in not reduced.
- Interest Rate
- In terms of a mortgage loan, it is the annual rate that is used to calculate the amount charged to a borrower for financing a mortgage.
RELATED MORTGAGE TERMS: Index
MORTGAGE LOAN EXAMPLES: Interest Rate
- Interest Rate Adjustment Period
- Time between changes of an interest rate in an adjustable rate mortgage loan.
- Interest Rate Buydown
- Option of a mortgage loan where the borrower may pay a fee to obtain a lower interest rate for a specified period of time.
- Interest Rate Ceiling
- Maximum interest rate that may be applied to a mortgage loan by a lender for an adjustable rate mortgage.
- Interest Rate Floor
- Minimum interest rate that may be applied to a mortgage loan by a lender for an adjustable rate mortgage. Applies in cases where the indexed interest rate falls below the interest rate floor.
- Interest Rate Decrease Cap
- Maximum amount an interest rate may decrease over a specific period of time for an adjustable rate mortgage.
- Interest Rate Increase Cap
- Maximum amount an interest rate may increase over a specific period of time for an adjustable rate mortgage.
- Interest Rate Index
- Specific index by which the particular adjustable rate mortgage loan program is adjusted in accordance with.
- Internet
- Publicly accessible system of interconnected computer networks that spans the entire globe.
MORTGAGE LOAN EXAMPLES: Internet
- Internet Mortgage
- Mortgage loan programs that use the internet as a primary medium in the transaction between the borrower and lender of the loan. In this type of mortgage loan program, costs are reduced therefore making it feasbile for that particular mortgage company to pass on savings to its customers.
MORTGAGE LOAN EXAMPLES: Internet Mortgage Loan
- Investment Property (IP)
- In terms of a mortgage loan, it is a property that is neither resided in or used as a second home, and is primarily used for rental income or income from capital gains.
RELATED MORTGAGE TERMS: Capital Gains|Second Home|Single Family Residence (SFR)|Uniform Residental Loan Application (1003)
MORTGAGE LOAN EXAMPLES: Investment Property
- Investor
- In terms of a mortgage loan, it is the source of funds that a lender gets money from to lend its borrowers.
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