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Welcome > Resources > Real Estate Dictionary - A
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Impound, or Reserves |
The portion of a borrower's monthly payments
held by the lender to pay for taxes, hazard and mortgage insurance, lease
payments, and other items that will come due |
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Income approach |
The method of estimating the value of a property
by calculating its generated income |
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Income property |
Real estate developed for the purpose of
generating income |
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Indemnify |
To provide for compensation in the case of loss
or damage to property |
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Indemnity |
The statement of terms under which loss or
damage to property will be compensated |
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Index |
A published interest rate used by lenders to
compare the interest rate for an adjustable-rate mortgage (ARM) with that
earned by other investments (e.g., the yield on Treasury bills, interest rate
on loans from savings and loans institution, etc.), as a result of which the
ARM interest rate is adjusted |
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Ingress |
The right to enter on or over a piece of
property |
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Insurable Title |
A property title which an insurance company is
willing to insure against possible claim |
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Installment contract, or Contract for
deed |
A contract for the sale of real estate whereby
the buyer is in possession of the property while paying off the purchase price
in periodic installments, despite the title being retained by the seller until
the future date of final payment |
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Insured closing letter |
An indemnity provided by a title insurance
company to a lender, whereby the title insurance company assumes responsibility
in the case that the closing agent does not fulfill the terms of the loan, or
misappropriates the loan proceeds |
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Insured mortgage |
A mortgage that is protected by the Federal
Housing Administration (FHA) or by private mortgage insurance (MI) so that if
the borrower defaults on the loan, the insurer compensates the lender the
lesser of the loss incurred or the actual insured amount |
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Interest rate buydown
plan |
An arrangement made for the initial years of a
mortgage whereby the seller (or any other party) deposits money into an account
that is then released toward the monthly payments on the mortgage, thereby
bringing the mortgagor's interest rate down below the actual interest
rate |
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Interest rate ceiling |
The maximum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
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Interest rate floor |
The minimum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
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Interim financing |
A temporary or short-term loan, often made
during the construction phase of a building project, and usually replaced by a
permanent long-term mortgage |
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In testate |
The condition of dying without leaving a will.
The description of an estate without a will |
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Involuntary lien |
A claim or charge against property placed
without the consent of the property's owner |
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Did I Miss the Word YOU Are Looking For? Is there a real estate word that I failed to explain here in my dictionary for homebuyers and sellers? Let me be your personal real estate dictionary! I'll send a brief explanation of any word or term that you encounter when buying and selling property. Do you have a suggestion of a real estate word that should be included? Let me know! I always appreciate feedback. Do any of these definitions raise questions for you? Didn't find the word you're looking for? Let me know! I'm happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
Financing Your Home >The Loan Application
When you have decided on a mortgage lender, you begin the loan process by filling out a loan application. You should be fully prepared to go over your current financial situation and credit history with the loan officer.
Have a record of all of your current bank accounts, including the name and address of bank(s), type of account(s), and approximate balance(s). Be prepared to provide details about outstanding loans, including student loans and major credit accounts. You will also need information about your assets, such as car title, stocks and bonds, and life insurance policies. If you foresee any credit problems, ask the loan officer for advice on how to keep them from interfering with approval of your mortgage loan. The loan officer can usually give you a prompt opinion about your chances for obtaining a mortgage.
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| Q |
What famous person said this? "Real Estate is the best investment in the world because it is the only thing they're not making anymore!"
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| A |
Will Rogers, who began his career as a rope-throwing cowboy and later became a famous stage and film star. |
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Peg Maloney RE/MAX Real Estate Group 9805 Giles Rd Omaha Ne 68128 402-598-3965 800-248-6647 402-594-2000 Fax: 402-593-0454 peg@maloney.com
Licensed to sell real estate since 1982, Peg has been selling the entire Omaha metro area, including Papillion, Millard, Bellevue, Ralston, and Offutt Air Force Base. With a proven track record, and references from many satisfied buyers and sellers, Peg gives extraordinary service to families coming to or leaving Omaha. She has become a Certified Distressed Property Expert, a Certified Relocation Specialist, an Accredited Buyer Representative, a Certified Luxury Homes Marketing Specialist, a 203K Rehab Loan Specialist, a member of the Real Estate Cyberspace Society and a Seniors Real Estate Specialist. You'll enjoy the process of buying or selling because Peg makes it so easy and fun! 
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