Drew Mortgage Associates - Online Mortgage Dictionary


Impound Account	Account held by the lender for the payment of taxes, insurance or other periodic debts against real property.
Index	A published interest rate against which lenders measure the difference between the current interest rate on an adjustable-rate mortgage and that earned by other investments , which is then used to adjust the interest rate on an adjustable-rate mortgage. Examples include LIBOR, the Prime Rate and Treasury indices. The Wall Street Journal publishes index information.
Initial Adjustment Cap	This is the 1st rate adjustment on an adjustable rate mortgage loan.
Inquiries	An indication of credit investigations made by companies that are considering granting credit to a person who appears on the credit report.
Instructions to Title	A form that instructs the title company how to record a lien against a property and issue a title insurance policy. See TITLE INSTRUCTIONS
Interest	Money charged over time for the use of money.
Interest Bearing	A form of interest calculation in which the loan is charged at a daily or monthly rate on the current outstanding balance.
Interest Rate	Percentage paid for the use of money, usually expressed as an annual percentage.
Investment Income	Money earned from investments of money, such as stock dividends and annuity payments.
Investment Property	Property used for investment purposes. This program allows you to purchase or refinance a rental home. The tenants pay for your mortgage, you enjoy the benefits of developing equity over the years and an investment property will allow in some cases a tax write off. Many homeowners invest in rental property for there retirement and to help them supplement future retirement income. Drew has some very attractive programs with as little or no money down programs even on investment property if you qualify based on credit and income.
Involuntary Lien	A lien imposed against property by law or legal action without the consent of an owner. Examples include taxes, special assessments, federal income tax liens, judgment liens, mechanics liens and materials liens. See LIEN