IMPOUND
An Impound Account is also known as an Escrow Account. |
| |
INDEX
A regularly published rate, independent of the lending institution, that measures the prevailing cost of funds. |
| |
INITIAL RATE
The original interest rate of the mortgage at the time of closing. |
| |
INSURABLE TITLE
A property title that a title insurance company agrees to insure against defects and disputes. |
| |
INTEREST RATE CEILING
For an adjustable-rate mortgage (ARM), the maximum interest rate. |
| |
INTEREST RATE FLOOR
For an adjustable-rate mortgage (ARM), the minimum interest rate. |
| |