Mortgage Terms Glossary

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Income approach to value: a method used by real estate appraisers to predict a property's anticipated future income. Income property includes shopping centers, hotels, motels, restaurants, apartment buildings, office space, etc.

Income-to-debt ratio: see debt-to-income ratio.

Index: a measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.

Inflation: the number of dollars in circulation exceeds the amount of goods and services available for purchase; inflation results in a decrease in the dollar's value.

Insurance: protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.

Interest: a fee charged for the use of money.

Interest cap: see cap

Interest rate: the amount of interest charged on a monthly loan payment; usually expressed as a percentage.

Related Topics:

Home Equity Lines of Credit

Get Out of Debt

First Time Home Buyer

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