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The portion of a borrower's monthly payments
held by the lender to pay for taxes, hazard and mortgage insurance, lease
payments, and other items that will come due
Income approach
The method of estimating the value of a property
by calculating its generated income
Income property
Real estate developed for the purpose of
generating income
Indemnify
To provide for compensation in the case of loss
or damage to property
Indemnity
The statement of terms under which loss or
damage to property will be compensated
Index
A published interest rate used by lenders to
compare the interest rate for an adjustable-rate mortgage (ARM) with that
earned by other investments (e.g., the yield on Treasury bills, interest rate
on loans from savings and loans institution, etc.), as a result of which the
ARM interest rate is adjusted
Ingress
The right to enter on or over a piece of
property
Insurable Title
A property title which an insurance company is
willing to insure against possible claim
Installment contract, or Contract for
deed
A contract for the sale of real estate whereby
the buyer is in possession of the property while paying off the purchase price
in periodic installments, despite the title being retained by the seller until
the future date of final payment
Insured closing letter
An indemnity provided by a title insurance
company to a lender, whereby the title insurance company assumes responsibility
in the case that the closing agent does not fulfill the terms of the loan, or
misappropriates the loan proceeds
Insured mortgage
A mortgage that is protected by the Federal
Housing Administration (FHA) or by private mortgage insurance (MI) so that if
the borrower defaults on the loan, the insurer compensates the lender the
lesser of the loss incurred or the actual insured amount
Interest rate buydown
plan
An arrangement made for the initial years of a
mortgage whereby the seller (or any other party) deposits money into an account
that is then released toward the monthly payments on the mortgage, thereby
bringing the mortgagor's interest rate down below the actual interest
rate
Interest rate ceiling
The maximum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note
Interest rate floor
The minimum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note
Interim financing
A temporary or short-term loan, often made
during the construction phase of a building project, and usually replaced by a
permanent long-term mortgage
In testate
The condition of dying without leaving a will.
The description of an estate without a will
Involuntary lien
A claim or charge against property placed
without the consent of the property's owner
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Q
What document must lenders provide within three days of receiving your application for financing?
A
The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan.
Lynn Garafola and Team Nest Builder RE/MAX Platinum Group 200 Woodport Road Sparta, NJ 07871 973-222-3777 Fax: 973-726-5757 LynnGarafola@NUMBER1EXPERT.com
Lynn Garafola, GRI, CRS, CLHMS, is a seasoned real estate veteran who has successfully closed more than $125 million in transactions and won numerous industry awards and accolades. Lynn has enjoyed helping over 400 families make moves in and out of Northern New Jersey over her 15 year career. Lynn is known for being a tireless advocate for her clients. When you are looking to buy, she takes the time to explore who you are and what you want, helping you discover what you need, what you like and what fits your budget. And then gets you into that home. When its time to sell, you can count on her guidance on preparing your home for sale and pricing it right. And then she takes over and markets it aggressively to get it sold for you. Not only is she very knowledgeable about the housing market in New Jersey, she is very personable and professional and stays in touch after the sale. You can count on Lynn to take care of ALL of your real estate needs. Call or email Lynn@MyNestBuilder.com today for an appointment with your real estate needs.
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Sparta, Lake Mohawk and Randolph, New Jersey
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200 Woodport Road
Sparta, NJ 07871
973-726-5700 x 311 (office)
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