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Houston Mortgage > Glossary >
Mortgage > I 1-10
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Impact fees
Money that local government collects from housing developers to pay for services that residents will need, such as schools, parks, road improvements and sewerage.
Impound account
An account in which money for property taxes and insurance is held until paid; money is added to the account every time a mortgage payment is made.
Impounds
Money that is placed in an escrow account to pay for property taxes and insurance.
Income property
Non-owner-occupied property that is rented to others.
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.
Infrastructure
Basic installations that a community needs, such as schools, roads, water and electrical lines, power plants and communications systems.
Initial interest rate
The starting percentage a borrower pays for the use of money on an adjustable-rate mortgage.
Inspection report
The documentation of a thorough examination of a house's visible structural parts and systems, conducted before purchase.
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