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Real Estate Dictionary
Welcome > Resources > Real Estate Dictionary - A

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

I

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

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



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Real Estate Tips
Financing Your Home >Mortgage Myths

Nationwide surveys indicate that a large number of potential home buyers count themselves out of the market because of widely-held myths about home financing. Some of the most prevalent myths include: 1) home buyers need large down payments (more than is actually the case); 2) the loan process works against people under age 35; 3) owning a home is more expensive than renting; and 4) minorities have no chance of getting a mortgage.

The surveys found that many people view the mortgage process as "difficult, stressful, and incomprehensible." Many qualified first-time buyers are unaware of special programs designed to make home ownership affordable to them. The home loan industry is always looking for new ways to dispel these myths because lenders want more business, not less. The alternatives to traditional 20% down, thirty-year fixed mortgages are astonishing. Mortgage brokers are experienced in explaining today's financing and debunking the myths.

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Real Estate Trivia
Q 
What was the first land designated by the US government as a National Park?

A 
Yellowstone was established "as a public park or pleasuring ground for the benefit and enjoyment of people" in March 1872.
See More Real Estate Trivia >


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The Leigh Hill Team, REALTOR®, real estate agent and broker for Chester, Long Valley and Mendham, New Jersey home listings, property and land for sale - NUMBER1EXPERT

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 clients. Leigh is 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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