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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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Impound Account : This is also known as an Escrow Account. The lender hold reins to this account where the borrower pays the monthly mortgage installments for overall annual expenditure. This may include the taxes and insurance. The lender passes over the money of this account when they have matured.

Index : A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as one, three and five year U.S. Treasury Security yields, the monthly average interest rate on loans closed by savings and loan institutions, and the monthly average Costs-of-Funds incurred by savings and loans), which is then used to adjust the interest rate on an adjustable mortgage up or down.

Initial Rate : The amount charged on a lender during the first phase of an ARM (Adjustable Rate Mortgage) loan.

Insolvency : Having insufficient funds to meet all debts, or being unable to pay debts as and when they fall due.

Installment Debt : Debt that is issued on the basis of regularly occurring intervals for payment by the debtor, until the principal and interest are paid in full.

Interest : The additional fee a lender charges on the original loan amount for allowing the borrower to use his funds for a given time period.

Interest Free : As the name suggests, there will be no interest rates charged for any financial transaction. But obviously there would be some terms and conditions.

Interest Only Loan : A term loan arrangement which calls for payments of interest only, and does not include any amount for principal.

Interest Rate : The amount of money a lender charges a borrower for lending giving him the financial support. The rate is calculated by dividing the total amount of interest charged by the loan amount.

Interest Rate Cap : This is implemented to safeguard Consumer rights that, limit the amount of the interest rate on an ARM loan. This can however change in an adjustment within an interval or during the entire period of loan.

Interest Rate Disclosure : A complete evaluation of the terms and conditions applicable to the processing of a loan and also the description of the interest rate agreement.

Interest Rate Swap : A transaction between two parties, in which each agrees to exchange payments tied to different interest rates or indices for a specified period of time.

Intermediate Term Mortgage : A mortgage loan with a stated maturity at the time of purchase that it is equal to or less than 20 years.

Internal Debt : The part of a country's debts that is owed to creditors who are citizens.

Introductory Interest Rates : In order to give an attractive deal many companies waive off or lower their initial interest rates. After a period of time, however, these low rates might change to high rates like other companies charge.


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Index of Terms | Complete List of Terms


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