Glossary - I
Income property
Real estate developed or improved to generate income.
In-file credit report
An objective account, usually computer-generated, of credit and legal information obtained from a credit repository.
Initial interest rate
The unique interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). Occasionally called as "start rate" or "teaser."
Instalment
The normal periodic payment that a borrower agrees to make to a lender.
Instalment loan
Borrowed money that is repaid in equivalent payments, known as installments. A furniture loan is regularly paid for as an installment loan.
Insurable title
A property title that a title insurance company agrees to insure against defects and disputes.
Interest
The fee charged for borrowing money.
Interest rate
The rate of interest in result for the monthly payment due.
Interest rate ceiling
For an adjustable-rate mortgage (ARM), the maximum interest rate, as particular in the mortgage note.
Investment property
A property that is not occupied by the owner.
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