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- Impact fees Fees collected from
developers of new homes to pay for schools,
parks and other facilities.
- Implied warranty of habitability Court
cases which determined that all new homes
are assumed to be fit for human habitation
and meet all building codes.
- Impounds A portion of the
monthly mortgage payment that is placed in
an account and used to pay for hazard
insurance, property taxes and private
mortgage insurance.
- Income property Property that
is not occupied by the owner but is used to
generate income.
- Incurable defect A defect in a
property that cannot be fixed, such as an
adjacent hazardous waste site, or that would
cost too much to repair relative to the
value of the property.
- Index Financial tables used by
lenders to calculate interest rates on
adjustable mortgages and on Treasury bills.
- Individual Retirement Account Tax-deferred
savings accounts that allow people to accrue
retirement funds.
- In-file credit report Computer-generated
reports drawn from credit repositories that
are generally regarded as objective
histories.
- Infill development Any
significant new construction in an
established area.
- Infill housing Home
construction in established areas.
- Inflation This event occurs
when there is more money available than
there are goods and services to be
purchased. Mortgage rates, which are
determined by the marketplace and the
actions of the Federal Reserve Board and
Wall Street, are sensitive to inflation
fears.
- Infrastructure The roads,
schools, parks, utilities, bridges and
communications systems in a community.
- Ingress A way in,
Enter, Entrance
- Initial interest rate The
original interest rate on an adjustable
mortgage.
- Inspection report An
examination of a home's exterior,
foundation, framing, plumbing, electrical
system, heating, air conditioning,
fireplace, kitchen, bathroom, roofing and
interior.
- Installment contract A purchase
agreement in which the buyer does not
receive title to the property until all
installments are paid.
- Insulation Materials including
cellulose, glass fiber, rock wool,
polystyrene, urethane foam and vermiculite
that slow heat loss.
- Insurable title Title to
property that a company agrees to insure
against defects and disputes.
- Insurance Owners and buyers can
purchase various types of insurance: hazard,
private mortgage and earthquake. The
policies guarantee compensation for specific
losses.
- Insurance binder A temporary
insurance arrangement usually put in force
until a permanent policy can be obtained.
- Interest The fee borrowers pay
to obtain a loan. It is calculated based on
a percentage of the total loan.
- Interest accrual rate The rate
at which interest accrues on a mortgage.
- Interest-only loan The pays
only the interest that accrues on the loan
balance each month. Because each payment
goes toward interest, the outstanding
balance of the loan does not decline with
each payment.
- Interest rate The sum,
expressed as a percentage, charged for a
loan. Interest payments on most home loans
are tax- deductible.
- Interest rate buy-down plans For
cash-short buyers, some sellers are willing
to advance funds from the sale of the home
to buy down the interest rate and reduce the
buyer's monthly obligation.
- Interest rate caps A limit on
the amount that can be charged to the
monthly payment of an adjustable-rate
mortgage during an adjustment period.
- Interest rate ceiling The
highest interest a lender can charge for an
adjustable-rate mortgage.
- Intestate Without
making a will.
- Investment property Real estate
that generates income, such as an apartment
building or a rental house.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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