Implied warranty of habitability
Court cases which determined that all new homes are
assumed to be fit for human habitation and meet all
Impounds A portion
of the monthly mortgage payment that is placed in an
account and used to pay for hazard insurance, property
taxes and private mortgage insurance.
In-file credit report
Computer-generated reports drawn from credit repositories
that are generally regarded as objective histories.
Income property Property
that is not occupied by the owner but is used to generate
Incurable defect A
defect in a property that cannot be fixed, such as an
adjacent hazardous waste site, or that would cost too
much to repair relative to the value of the property.
Index Financial tables
used by lenders to calculate interest rates on adjustable
mortgages and on Treasury bills.
Individual Retirement Account
Tax-deferred savings accounts that allow people to accrue
Any significant new construction in an established area.
Infill housing Home
construction in established areas.
Inflation This event
occurs when there is more money available than there
are goods and services to be purchased. Mortgage rates,
which are determined by the marketplace and the actions
of the Federal Reserve Board and Wall Street, are sensitive
to inflation fears.
roads, schools, parks, utilities, bridges and communications
systems in a community.
Initial interest rate The original
interest rate on an adjustable mortgage.
Inspection report An
examination of a home's exterior, foundation, framing,
plumbing, electrical system, heating, air conditioning,
fireplace, kitchen, bathroom, roofing and interior.
A purchase agreement in which the buyer does not receive
title to the property until all installments are paid.
including cellulose, glass fiber, rock wool, polystyrene,
urethane foam and vermiculite that slow heat loss.
Insurable title Title
to property that a company agrees to insure against
defects and disputes.
Insurance Owners and
buyers can purchase various types of insurance: hazard,
private mortgage and earthquake. The policies guarantee
compensation for specific losses.
Insurance binder A
temporary insurance arrangement usually put in force
until a permanent policy can be obtained.
Interest The fee borrowers
pay to obtain a loan. It is calculated based on a percentage
of the total loan.
Interest accrual rate
The rate at which interest accrues on a mortgage.
Interest rate The sum,
expressed as a percentage, charged for a loan. Interest
payments on most home loans are tax- deductible.
Interest rate buy-down plans
For cash-short buyers, some sellers are willing to advance
funds from the sale of the home to buy down the interest
rate and reduce the buyer's monthly obligation.
Interest rate caps
A limit on the amount that can be charged to the monthly
payment of an adjustable-rate mortgage during an adjustment
Interest rate ceiling
The highest interest a lender can charge for an adjustable-rate
Interest-only loan The pays only the
interest that accrues on the loan balance each month.
Because each payment goes toward interest, the outstanding
balance of the loan does not decline with each payment.