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Impact fees
Fees collected from developers of new homes to pay for schools,
parks and other facilities. |
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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. |
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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. |
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In room handouts
For some franchise motels, the in room handouts can be significant.
The franchise
inspector will count the number of handouts to be sure they
are there. All will usually
have the franchise logo on them. |
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In-file credit report
Computer-generated reports drawn from credit repositories
that are generally regarded as objective histories. |
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Income property
Property that is not occupied by the owner but is used to
generate income. |
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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. |
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Index
Financial tables used by lenders to calculate interest rates
on adjustable mortgages and on Treasury bills | federal
reserve statistics |
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Individual Retirement Account (IRA)
Tax-deferred savings accounts that allow people to accrue
retirement funds. |
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Infill development
Any significant new construction in an established area. |
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Infill housing
Home construction in established areas. |
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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. |
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Infrastructure
The roads, schools, parks, utilities, bridges and communications
systems in a community. |
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Initial interest rate
The original interest rate on an adjustable mortgage. |
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Inspection report
An examination of a home's exterior, foundation, framing,
plumbing, electrical system, heating, air conditioning, fireplace,
kitchen, bathroom, roofing and interior. |
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Installment contract
A purchase agreement in which the buyer does not receive title
to the property until all installments are paid. |
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Insulation
Materials including cellulose, glass fiber, rock wool, polystyrene,
urethane foam and vermiculite that slow heat loss. |
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Insurable title
Title to property that a company agrees to insure against
defects and disputes.
title insurance
Q & A |
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Insurance
Owners and buyers can purchase various types of insurance:
hazard, private mortgage
and earthquake. The policies guarantee compensation for specific
losses. |
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Insurance binder
A temporary insurance arrangement usually put in force until
a permanent policy can be obtained. |
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Interest
The fee borrowers pay to obtain a loan. It is calculated based
on a percentage of the total loan. |
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Interest accrual rate
The rate at which interest accrues on a mortgage. |
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Interest rate
The sum, expressed as a percentage, charged for a loan. Interest
payments on most
home loans are tax- deductible. |
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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. |
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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. |
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Interest rate ceiling
The highest interest a lender can charge for an adjustable-rate
mortgage. |
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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 | apply
for a mortgage |
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Investment property
Real estate that generates income, such as an apartment building
or a rental house. |
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Investment related savings
The estimated total savings of buying invested at a rate of
8% for the number of years
that a borrower would plan to own a home. |
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Investment return
What an investor yields on the investment in dollars as a
percent. |
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