Impound Account
Account held by a lender for payment of taxes, insurance or other related expenses.

Incidental Recording, Delivery, Wire, etc., Fees
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 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.