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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
Is there a real estate word that we failed to explain here in our dictionary for homebuyers and sellers? Let us be your personal real estate dictionary! we will send a brief explanation of any word or term that you encounter when buying and selling property.
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Financing Your Home >New Loans
If you are considering applying for a mortgage to purchase a new home or to refinance your present home, don't delay. Despite fluctuation in interest rates, lenders are still processing many new loan applications.
You should gather all the necessary paperwork before you apply, and submit your loan application as soon as possible. At a minimum, the information required by a lender will consist of proof of your earnings and a clear picture of your total monthly income and expenses. If you are self-employed, or have long-term obligations such as alimony or child support, the preparation time and the amount of paperwork increases.
Despite the need to move rather quickly for a mortgage in today's market, you should "make haste carefully." Shop carefully for your loan by comparing all costs and terms. With the number of lenders vying for your business, new and better deals are always appearing.
Leigh Hill Weichert Realtors 142 Main Street Chester New Jersey 07930 Leigh Hill's Cell : 908-256-2364 E-Fax : 1-888-859-0247 E-Mail: leighHill@aol.com
The Leigh Hill Team is dedicated to providing the best possible professional service in the real estate industry for the past 30 years. Leigh, A NJ MILLION DOLLAR GOLD CLUB Award winner for 7 years, Leigh Hill's priorities include a high degree of quality-executed sales for her and Maria's clients. Leigh and Maria are responsible for some of the most prestigious residential developments,and single family homes in Morris and Somerset County. Their knowledge, honesty and commitment to results are the foremost reasons for their continued success. Contact "The Leigh Hill Team" for all of your real estate needs in Northwest New Jersey.
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