income property
Real estate developed or improved to produce income. |
index
A number used to compute the interest rate for an adjustable-rate mortgage (ARM).
The index is generally a published number or percentage, such as the average interest
rate or yield on Treasury bills. A margin is added to the index to determine the
interest rate that will be charged on the ARM.. This interest rate is subject
to any caps that are associated with the mortgage. |
in-file credit report
An objective account, normally computer-generated, of credit and legal information
obtained from a credit repository. |
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. |
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."
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innocent misrepresentation
Occurs when someone makes a false statement without realizing it. |
instalment
The regular periodic payment that a borrower agrees to make to a lender. |
instalment loan
Borrowed money that is repaid in equal payments, known as instalments. A furniture
loan is often paid for as an instalment loan. |
indemnification
The principal’s duty to compensate the agent for liabilities (damages, losses
or expenses) which the agent incurs in carrying out his/her responsibilities.
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insurable title
A property title that a title insurance company agrees to insure against defects
and disputes. |
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. |
insured mortgage
A mortgage that is protected by CMHC or GE Capitol. 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 rate
The rate of interest in effect for the monthly payment due. |
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. |
investment property
A property that is not occupied by the owner. |
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| Glossary
of Real Estate Terms - J |
joint tenancy
A form of co-ownership that gives each tenant equal interest and equal rights
in the property, including the right of survivorship. |
judgement
A decision made by a court of law. In judgements that require the repayment of
a debt, the court may place a lien against the debtor's real property as collateral
for the judgement's creditor. |
judgement lien
A lien on the property of a debtor resulting from the decree of a court. |
judicial foreclosure
A type of foreclosure proceeding used in some states that is handled as a civil
lawsuit and conducted entirely under the auspices of a court.
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