Fairway Asset Corporation - MORTGAGE DICTIONARY

Morgage Dictionary

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There are currently 6 names in this directory beginning with the letter I.
Impound Account
See 'Escrow.'

Rate averages that determine the interest rate of an ARM after the initial fixed period.

offers financial protection in the event of a loss and protects you against financial losses on your property as a result of fire, wind, natural disasters or other hazards. Most lenders will require you to have a homeowner's insurance policy on your home because it will help protect their investment as well as yours.

cost of borrowing money. In the early stages of your mortgage term, your monthly payment is mostly interest. As you continue to make payments through the years, a smaller portion of your payment goes to interest.

Interest Rate
A figure calculated as a percentage which is used in the financial industry to indicate the rate charged for use of money in a loan.

Investment Property
Property or real estate which is bough for investment purposes as opposed to private residential usage, such as rental homes, apartments or other spaces that give owners the opportunity to create profit and income over the long term.