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Mortgage Terms Glossary
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Impound Account
an account held by a lender for payment of taxes, insurance or other related expenses.

Index
a public measure of current interest rate levels used by lenders to calculate the rate on an adjustable rate mortgage.

Insured Mortgage
a mortgage insured against loss to the mortgagee in the event of default.

Interest Rate
the percentage added to a loan that covers the lenders' costs for supplying money. This amount is part of an APR.

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