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 currently 5 names in this directory beginning with the letter I.
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).
A fee charged for the use of borrowing money.
As a part of PITI, the amount of the monthly mortgage payment that does not include the principal, interest, and taxes. Also see
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.
The amount of interest charged on a monthly loan payment, expressed as a percentage.