-I-
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Impound
Account
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an account held by a lender for payment of taxes, insurance
or other related expenses. Sometimes called an "escrow account."
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Index
-
a public measure of current interest rate levels used by
lenders to calculate the rate on an adjustable
rate mortgage.
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Insured
Mortgage
-
a mortgage insured against loss to the mortgagee in the
event of default.
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Interest
Rate
-
the percentage added to a loan that covers the lenders'
costs for supplying money. This amount is part of an APR.
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Interest
Payment Notification (1098)
-
a federal tax form (1098) used to notify borrowers of the
interest that they paid on their mortgage over the course
of the year.
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Mortgage Glossary © Copyright 2004, 2008
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