Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.
Our mortgage glossary will help you to speak to mortgage professionals with confidence.
There are 5 names in this directory beginning with the letter I.
Income Approach to Value
A method used by real estate appraisers to predict a property's anticipated future income. Income property includes shopping centers, hotels, motels, restaurants, apartment buildings, office space and so forth.
A published interest rate compiled from other indicators such as U.S. Treasury bills or the monthly average interest rate on loans closed by savings and loan organizations. Mortgage lenders use the index figure to establish rates on adjustable rate mortgages (ARMs).
As a part of PITI, the amount of the monthly mortgage payment that does not include the principal, interest, and taxes. Also see
A fee charged for the use of borrowing money.
The amount of interest charged on a monthly loan payment, expressed as a percentage.