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The portion of a borrower's monthly payments
held by the lender to pay for taxes, hazard and mortgage insurance, lease
payments, and other items that will come due
Income approach
The method of estimating the value of a property
by calculating its generated income
Income property
Real estate developed for the purpose of
generating income
Indemnify
To provide for compensation in the case of loss
or damage to property
Indemnity
The statement of terms under which loss or
damage to property will be compensated
Index
A published interest rate used by lenders to
compare the interest rate for an adjustable-rate mortgage (ARM) with that
earned by other investments (e.g., the yield on Treasury bills, interest rate
on loans from savings and loans institution, etc.), as a result of which the
ARM interest rate is adjusted
Ingress
The right to enter on or over a piece of
property
Insurable Title
A property title which an insurance company is
willing to insure against possible claim
Installment contract, or Contract for
deed
A contract for the sale of real estate whereby
the buyer is in possession of the property while paying off the purchase price
in periodic installments, despite the title being retained by the seller until
the future date of final payment
Insured closing letter
An indemnity provided by a title insurance
company to a lender, whereby the title insurance company assumes responsibility
in the case that the closing agent does not fulfill the terms of the loan, or
misappropriates the loan proceeds
Insured mortgage
A mortgage that is protected by the Federal
Housing Administration (FHA) or by private mortgage insurance (MI) so that if
the borrower defaults on the loan, the insurer compensates the lender the
lesser of the loss incurred or the actual insured amount
Interest rate buydown
plan
An arrangement made for the initial years of a
mortgage whereby the seller (or any other party) deposits money into an account
that is then released toward the monthly payments on the mortgage, thereby
bringing the mortgagor's interest rate down below the actual interest
rate
Interest rate ceiling
The maximum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note
Interest rate floor
The minimum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note
Interim financing
A temporary or short-term loan, often made
during the construction phase of a building project, and usually replaced by a
permanent long-term mortgage
In testate
The condition of dying without leaving a will.
The description of an estate without a will
Involuntary lien
A claim or charge against property placed
without the consent of the property's owner
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Toni Tygart Toni Tygart Real Estate Group, Inc. 4243 NE Lakewood Way Lee's Summit, MO 64064 816-795-2500 Fax: 816-795-5005 e-mail: tonitygart@tonitygart.com
Toni Tygart has over 30 years of Real Estate experience. Many of those years, Toni has been the number one RE/MAX Agent in the Mid-States Region as well as in the International top 100 for RE/MAX. Toni has been honored with the RE/MAX Hall of Fame and Lifetime Achievement awards. Toni Tygart has helped over 4,200 families move! So for all your real estate needs, contact Toni today!
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