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. …
Initial Rate Duration
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 …
Inlet Valve
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. …
Inspection Fee
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. …
Inspection Report
An examination of a home's exterior, foundation, framing, plumbing, electrical system, heating, air conditioning, fireplace, kitchen, bathroom, roof, and interior. …
Installment Contract
A purchase agreement in which the buyer does not receive the title to the property until all installments are paid. …