Real Estate Terms Starting with

Fees collected from developers of new homes to pay for schools, parks, and other facilities. … [Read more...] about Impact Fees

Legal doctrine stating that all new homes are assumed to be fit for human habitation and meet all building codes. … [Read more...] about Implied Warranty Of Habitability

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. … [Read more...] about Impounds

A change that adds value to a house, prolongs its useful life, or adapts it to new uses. … [Read more...] about Improvement

A computer-generated report drawn from credit repositories and generally regarded as an objective history. … [Read more...] about In-file Credit Report

Property that is not occupied by the owner but is used to generate income. … [Read more...] about Income Property

A defect in a property that cannot be fixed, such as an adjacent hazardous waste site, or one that would cost too much to repair relative to the value of the property. … [Read more...] about Incurable Defect

A person hired to do a particular job, subject to the direction of a supervisor. An independent contractor pays for his or her own expenses and taxes, and receives no employee benefits. Most real estate agents are independent contractors. … [Read more...] about Independent Contractor

Financial tables used by lenders to calculate interest rates on adjustable mortgages and on Treasury bills. … [Read more...] about Index

An Individual Retirement Account is a tax-advantaged investment vehicle designed to help individuals save for retirement. IRAs can be used to invest in various asset classes, including real estate, stocks, bonds, and mutual funds. Contributions to certain types of IRAs may be tax-deductible, and the earnings within the account grow tax-deferred until withdrawal.IRAs play a … [Read more...] about Individual Retirement Account (IRA)

Any significant new construction in an established area. … [Read more...] about Infill Development

Home construction in established areas. … [Read more...] about Infill Housing

Air from the environment that penetrates a building. … [Read more...] about Infiltration

Inflation 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. … [Read more...] about Inflation

The roads, schools, parks, utilities, bridges, and communications systems in a community. … [Read more...] about Infrastructure

The original interest rate on an adjustable rate mortgage. … [Read more...] about Initial Interest Rate

A specific limit defined by some adjustable rate loans (ARMs) for the maximum amount the interest rate may increase at the expiration of the initial interest rate. … [Read more...] about Initial Rate Cap

Most adjustable rate loans (ARMs) offer an initial interest rate below the current market rate. This initial or "teaser" rate expires after a period called the initial rate duration, which may last months or years. … [Read more...] about Initial Rate Duration

The mechanism inside a toilet tank that automatically fills the tank with water when the tank empties. The inlet valve is connected to the shutoff valve under the toilet. … [Read more...] about Inlet Valve

A fee paid to determine the present physical condition of the home, required by the lender in order to supplement the information contained in the appraisal report. … [Read more...] about Inspection Fee

An examination of a home's exterior, foundation, framing, plumbing, electrical system, heating, air conditioning, fireplace, kitchen, bathroom, roof, and interior. … [Read more...] about Inspection Report

A purchase agreement in which the buyer does not receive the title to the property until all installments are paid. … [Read more...] about Installment Contract

A real estate transaction in which the sales price is paid in installments. … [Read more...] about Installment Sale

A written legal document. … [Read more...] about Instrument

Materials that slow heat loss, such as cellulose, glass fiber, rock wool, polystyrene, urethane foam, and vermiculite. … [Read more...] about Insulation

Title to property that a company agrees to insure against defects and disputes. … [Read more...] about Insurable Title

Owners and buyers can purchase various types of insurance including hazard, private mortgage, and earthquake. The policies guarantee compensation for specific losses. … [Read more...] about Insurance

A temporary insurance arrangement usually put in force until a permanent policy can be obtained. … [Read more...] about Insurance Binder

An Inter Alia Mortgage is a type of mortgage loan that covers multiple properties or parcels of land under a single mortgage document. This mortgage arrangement allows borrowers to use the combined equity in multiple properties as collateral for a single loan. In the event of default, the lender has the right to foreclose on any or all of the properties secured by the mortgage. … [Read more...] about Inter Alia Mortgage

The fee borrowers pay to obtain a loan. It is calculated based on a percentage of the total loan. The price paid to rent money. The rate of interest over a period of time for a specific amount of money, usually expressed as a percentage. … [Read more...] about Interest

The rate at which interest accrues on a mortgage. … [Read more...] about Interest Accrual Rate

The date on which the mortgage really begins, usually the first of the month. The interest owed for the number of days between the closing date and the last day of the month is paid on the closing date by cheque or by deduction from the mortgage advance and covers … [Read more...] about Interest Adjustment Date

The total amount paid to the lender for the use of money during the time the money is borrowed. … [Read more...] about Interest Paid Over Life Of Loan

The fee, expressed as a percentage, charged for a loan. The interest rate also helps determine the monthly payment. For adjustable-rate loans, the interest rate may change from its initial level. … [Read more...] about Interest Rate

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. … [Read more...] about Interest Rate Buy-down Plans

The maximum interest rate charge allowed on the monthly payment of an adjustable rate mortgage during an adjustment period. … [Read more...] about Interest Rate Cap

The highest interest a lender can charge for an adjustable rate mortgage. … [Read more...] about Interest Rate Ceiling

The borrower 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. … [Read more...] about Interest-only Loan

Short-term financing used by sellers to bridge the gap between the sale of one house and the purchase of another (also known as bridge or swing loans). A construction loan is also a form of interim financing. … [Read more...] about Interim Financing

Real estate that generates income, such as an apartment building or a rental house. … [Read more...] about Investment Property