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Mortgage glossary: Letter I |
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Impound Account An account that is set up by a lender to deposit a monthly portion of annual property taxes or hazard insurance. As taxes or insurance come up for renewal, the lender pays the bill using these funds. Also called an escrow account.
Index An index is used as the basis to establish an interest rate, usually associated with a margin. Most anything can be an index, but the most common are U.S. treasuries or similar instruments. See also Fully Indexed Rate.
Inspection A structural review of the house to determine defects in workmanship, damage to the property, or required maintenance. An inspection does not determine value of the property. A pest inspection, for example, looks for termites or wood ants.
Installment Account Borrowing one lump sum and agreeing to pay back a certain amount each month until the loan is paid off. A car loan is an example of an installment loan.
Intangible Asset An asset not by itself, but by what it represents. A publicly traded stock is an intangible asset. It's not the stock itself that has the value, but what the stock represents in terms of income.
Intangible Tax A state tax on personal property.
Interest-Only Loan A loan that requires only that you pay the interest on your loan each month, without having to pay any part of the principal.
Interest Rate The amount charged to borrowed money over a specified period of time.
Interest Rate Reduction Loan (IRRL) An IRRL is a VA refinance loan program that has relaxed credit guidelines. Also called a streamline refinance.
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