Mortgage and Real Estate Glossary

Real Estate Definitions and Terms: I

Offers a Mortgage and Real Estate glossary for real estate and mortgage terms and definitions for home buyers, home sellers, and real estate consumers. Find expanded definitions of important real estate and mortgage home loan terms.

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Definitions and Terms: I

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.

Inflation - 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.

Interest - Consideration in the form of money paid for the use of money, usually expressed as an annual percentage. Also, a right, share, or title in property.

Interest Only - A term loan arrangement calling for payments of interest only, not to include any amount for principal.

Interest Rate - The percentage of an amount of money that's paid for its use over a specified time period.

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.

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