IndemnificationTo secure against any loss or damage, compensate or give security for reimbursement for loss or damage incurred.
IndexStatistical measure of the state of the stock market or economy based on the performance of stocks or other components.
Individual Retirement Account (IRA)(IRA)A retirement savings program for individuals to which yearly tax-deductible contributions up to a specified limit can be made.
InflationA condition of increasing prices. Inflation is generally measured by the Consumer Price Index.
Inflation CoverageEndorsement to a homeowner's policy that automatically adjusts the amount of insurance to compensate for inflationary rises in the home's value.
INFOTERRAINFOTERRA is an international environmental referral and research network made up of about 175 countries coordinated by the United Nations Environment…
Initial Interest RateThe original interest rate for an adjustable-rate mortgage (ARM). Sometimes known as the "start rate."
InquiryA request for a copy of your credit report. An inquiry occurs every time you fill out a credit application and/or request more credit.
Inspector General ActEnacted in 1978, this Act authorized establishment of Offices of Inspectors General, “independent and objective units” within federal agencies that…
Inspector General Reform ActEnacted in 2008, this Act amended the Inspector General Act to enhance the independence of inspectors general and to create a Council of the Inspectors…
InstallmentThe regular periodic payment that a borrower agrees to make to a lender.
Installment contractSame or similar to "contract to purchase." See also "contract to purchase" under "mortgage."
Installment DebtA loan that is repaid in accordance with a schedule of payments for a specified term (such as an automobile loan).
InsuranceAs a part of PITI, the amount of the monthly mortgage payment that does not include the principal, interest, and taxes. Also see: homeowners insurance.
Insured mortgageA mortgage insured against loss to the mortgagee (lender) in the event of default. May be insured by FHA, VA, FmHA, or by a private insurance company.
Integrated Exposure Uptake Biokinetic Model (IEUBK)(IEUBK)Integrated Exposure Uptake Biokinetic Model for Lead in Children (IEUBK) and the Technical Review Workgroup for Lead (TRW) is an interoffice workgroup…
InterestThe term interest is used to describe the cost of using money, a right, share, or title in property.
Interest Accrual RateThe percentage rate at which interest accumulates or increases on a mortgage loan.
Interest rateThe amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time.
Interest Rate CapFor an adjustable-rate mortgage, a limitation on the amount the interest rate can change per adjustment or over the lifetime of the loan, as stated in the…
Interest Rate CeilingFor an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note.
Interest Rate FloorFor an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage note.
Interest Rate RiskInterest-rate risk describes the impact that a change in current interest rates is likely to have on the value of your investment portfolio.
Interest Rate SwapA transaction between two parties where each agrees to exchange payments tied to different interest rates for a specified period of time, generally based…
Interest-only loanA loan in which interest is payable at regular intervals until loan maturity (when the full loan balance is due.
Interest-Only MortgageWith an interest-only mortgage loan, you pay only the interest portion of each scheduled payment for a fixed term, often five to seven years.
Interim loanTemporary financing, usually for construction; not a mortgage.
Intermediate Term MortgageA mortgage loan with a contractual maturity from the time of purchase equal to or less than 20 years.
Investment Propertya property not considered to be a primary residence that is purchased in order to generate income, profit from appreciation, or to take advantage of…
Investment trustSame or similar to "Real Estate Investment Trust." See also "Real Estate Investment Trust."
IonicOne of the five classical orders, characterized by capitals with spiral elements called “volutes,” a fasciated entablature, continuous frieze, dentils…
JambThe side parts of a window frame or window opening, as distinct from head and sill.
Jigsaw CarvingWooden ornament cut with a thin narrow saw blade.
Joint Tenancy (with Rights of Survivorship)Two or more owners share equal ownership and rights to the property. If a joint owner dies, his or her share of the property passes to the other owners…
Joint ventureAn agreement between two or more parties who invest in a single business or property; similar to a limited partnership.
JoistOne of a series of parallel timber beams used to support floor and ceiling loads, and supported in turn by larger beams, girders, or bearing walls; the…
JudgmentA legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.
Judgment LienA lien on the property of a debtor resulting from the decree of a court.
Jumbo LoanA loan that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Also called "nonconforming loan."
Junior MortgageA loan that is subordinate to the primary loan or first-lien mortgage loan, such as a second or third mortgage.
Keogh FundsA tax-deferred retirement-savings plan for small business owners or self-employed individuals who have earned income from their trade or business.
keyA block, often used in a series, which projects beyond the edge of the enframement of an opening and is joined with the surrounding masonry.
key lotReal estate deemed highly valuable because of its location.
KeystoneThe central wedge-shaped member of a masonry arch; also used as a decorative element on arches in wood structures.
Land contractSame or similar to "contract to purchase." See also "contract to purchase" under "mortgage."
Land rentThe rent paid on leased land; same as "ground rent."
Landmarks LawRefers to Section 3020 of the New York City Charter and Chapter 3 of Title 25 of the Administrative Code of the City of New York.
Landscape improvementA physical betterment of real property or any part thereof, consisting of natural or artificial landscaping, including but not limited to grade, terrace…
Late ChargeThe fee charged for delinquent payment on an installment loan, usually expressed as a percentage of the loan balance or payment.
Late Payment ChargesThe penalty the homeowner must pay when a mortgage payment is made after the due date grace period.
LatticeworkThin strips of wood arranged in a netlike grid pattern, often set diagonally.
LeadeA horizontal or vertical cylinder, usually made of metal, which carries water from the gutter to the ground.
Leaded windowA window composed of small panes, usually diamond-shaped or rectangular, held in place by narrow strips of cast lead.
LeaseA contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent).
Lease Purchase (Lease Option)Assists low to moderate income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the…
Lease-Purchase OptionAn option sometimes used by sellers to rent a property to a consumer, who has the option to buy the home within a specified period of time.
LenderAn individual or financial institution that lends money with the expectation that the money will be returned with interest.
Lender Option CommitmentsAn agreement giving a lender the option to deliver loans or securities by a certain date at agreed upon terms.
Lender-Placed Insuranceinsurance placed on a home or property by a lender to protect their interest in the collateral which secures the loan.
Level payment mortgageA loan that requires the same payment each month (or other period) for full amortization.
LiabilitiesA person's debts and other financial obligations.
Liability insuranceInsurance that pays when you are liable for injuries to other persons or damage to their property.
LIBOR-IndexAn index used to determine interest rate changes for certain ARM plans, based on the average interest rate at which international banks lend to or borrow…
LienLegal claim against a property. Once the property is sold, the lien holder is then paid the amount that is owed.
Lien StatusFor HMDA reporting purposes, lenders are required to report lien status for loans they originate and applications that do not result in originations…
Lien WaiverA document that releases a consumer (homeowner) from any further obligation for payment of a debt once it has been paid in full.
Life CapA limit on the range interest rates can increase or decrease over the life of an adjustable-rate mortgage (ARM).
Lifetime CapFor an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate or monthly payment can increase or decrease over the life of the loan.
LightA pane of glass; a window, or a compartment of a window.
LightingThe method or equipment for providing artificial illumination.
Limited partnershipA limited partnership is a financial affiliation that includes at least one general partner and a number of limited partners.
Line of CreditA pre-approved loan authorization with a specific borrowing limit based on creditworthiness.
LintelA horizontal structural element over an opening which carries the weight of the wall above it.
Liquid AssetLiquid assets are accounts or securities that can be easily converted to cash at little or no loss of value.
LiquidityThe ability of the market for a security to absorb a reasonable amount of buying or selling without major price changes.
Listing AgreementA contract between a seller and a real estate professional to market and sell a home.
LoanA transaction in which one entity, the lender, allows another, the borrower, to use property.
Loan AccelerationAn acceleration clause in a loan document is a statement in a mortgage that gives the lender the right to demand payment of the entire outstanding balance…
Loan Application NumberA unique identifier (up to 25 characters long) that can be used to retrieve the particular loan application to which the entry relates.
Loan Application Register (LAR)(LAR)also known as the HMDA-LAR, the LAR, or the Register. The term LAR refers to the loan application register format that has been prescribed for reporting…
Loan flipThe lender encourages you to get additional cash by refinancing your mortgage again and again.
Loan FraudPurposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.
Loan modificationAn adjustment or compromise of an existing residential mortgage loan. (Excludes a refinancing transaction.)
Loan modification activitiesFor compensation or gain, or in the expectation of compensation or gain, engaging in or offering to engage in effecting loan modifications in Idaho.
Loan OfficerA representative of a lending or mortgage company who is responsible for soliciting homebuyers, qualifying and processing of loans.
Loan OriginationThe process by which a lender makes a loan which may include taking a loan application, processing and underwriting the application, and closing the loan.
Loan Origination FeesFees charged by the lender for processing the loan and which are often expressed as a percentage of the loan amount.
Loan PurposeIndicates whether the purpose of the loan or application was for home purchase, home improvement, or refinancing.
Loan ServicerThe company that collects monthly mortgage payments and disperses property taxes and insurance payments.
Loan to Value (LTV) Ratio(LTV)in real estate lending, the outstanding principal amount of the loan divided by the appraised value of the property underlying the loan.