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I

Term Definition
impound account

Account held by a lender for payment of taxes, insurance or other related expenses. Also known as an escrow account.

improvement

Valuable additions to property which raise the value of the property.

in testate

Someone who has died without leaving a valid will.

Incidental Recording, Delivery, Wire, et

Other costs that are incurred when a real estate loan is closed.

index

A published rate or benchmark measure of current interest rate levels used to calculate periodic changes in rates charged on adjustable rate mortgages.

installment sale

A tax term used to describe a sale which is usually accomplished by use of a land contract.

insured mortgage

A mortgage insured against loss to the mortgagee (lender) in the event of default and failure of the mortgaged property to satisfy the balance owing plus cost of foreclosure.

Interest Payment Notification (1098)

A federal tax form that lenders use at year end to notify borrowers of the interest that was paid on their mortgage over the last year.

interest rate

The percentage of an amount of money which is paid for its use for a specified time.

investment property

A property that is not occupied by the owner and in most cases produces income or is held for gains from appreciation.

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