Mortgage Glossary

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There are 4 terms in this glossary beginning with the letter I.
Impound Account
See, Escrow account

Initial interest rate, introductory
the interest rate at which an Adjustable Rate Mortgage, ARM, will begin. See Adjustable rate mortgage

Interest rate
a figure calculated as a percentage that is used in the financial industry to indicate the rate charged for use of money in a loan. Interest rates may be fixed or variable. See, Annual percentage rate.

Investment property
real estate bought for investment purposes as opposed to private residential. Often the property will be used for rental purposes, such as rental home, apartments or other spaces that give owners the opportunity to create profit and income over the long term.