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Houston Mortgage > Glossary >
Credit Repair > I 1-10
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Independent bank
A bank that is locally owned and operated, and not associated with a bank holding company. Also referred to as a community bank.
Index
A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes for adjustable-rate mortgages and other variable rate loans such as credit card debt. Some of the most common indices are: the one-year Treasury Constant Maturity Yield; the Federal Home Loan Bank (FHLB) 11th District Cost of Funds; prime rate as listed in the Wall Street Journal.
Indexed rate
The sum of the published index plus the margin. For example, if the index is 9 percent and the margin 2.75 percent, the indexed rate is 11.75 percent.
Individual Retirement Account
A special retirement planning account for individuals. All or part of the contribution in a tax-deferred savings account may be deductible from current taxes, depending on the individual's income and coverage by an employer-sponsored qualified retirement plan (such as a 401(k) plan). Penalties usually apply for withdrawals before age 59-1/2. Withdrawals are taxed as income. See also Roth IRA.
Innocent spouse rule
The IRS usually holds that both signers of a joint return are individually liable for the entire tax due plus penalties and interest. That means that when you sign a joint return you are liable for the entire tax due, even if you later divorce your spouse, did not earn the income that generated the tax and did not know about the omission of income or claiming of erroneous deductions. Under the innocent spouse rule, a spouse may claim not to be jointly liable if he or she did not know about the e
Installment contract
A purchase agreement in which the buyer makes a series of payments.
Insufficient funds
When funds are not enough to satisfy the payment of a check or draft made on that account; also known as not sufficient funds (NSF).
Intangible Asset
Nonphysical resources or rights to other assets. Patents, goodwill, permits and computer programs are examples of intangible assets.
Intangible Property
Property that does not have value itself, but represents something else. Stocks, bonds and franchises are examples of intangible property. Business furniture and equipment are examples of tangible personal property.
interest checking
An interest checking account permits unlimited check-writing and pays interest. If opened at an FDIC-insured institution, accounts are insured for up to $100,000 ($250,000 on retirement accounts).
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