Impounds
Income Property
Independent Bank
Index
Initial Adjustment Cap
Inquiry
Inspection Report
Intangible Asset
Intangible Property
Interest
Interest Deduction
Interest Rate
Interest Only Loan
Interstate Bank
Introductory (Intro) Rate
Investment Income
Investment Property
Itemized Deduction

Impounds
Money paid as part of the total monthly mortgage payment to be put aside in an escrow or impound account to pay for property tax and homeowner's insurance.

Income Property
A rental property.

Independent Bank
(aka community bank) A locally owned and operated bank.

Index
A table of yields and interest rates that are paid on debts; this determines all interest rate changes.

Initial Adjustment Cap
This is the limit of the first interest rate adjustment for an adjustable rate mortgage (ARM).

Inquiry
A dated indication on an individual's credit report that companies have considered granting credit to an individual.

Inspection Report
A report put together to reflect the examination results of a property. This type of examination is performed before the purchase is complete.

Intangible Asset
An untouchable, nonphysical item or right to an item such as permits, programs, etc.

Intangible Property
Property, a type of asset, that does not hold physical value for itself but holds another type of value. Real estate cannot be considered intangible.

Interest
In regards to mortgages this refers to the money paid for the use of borrowing money. In loans this is known as interest rates.

Interest Deduction
According to federal and state income tax laws interest payments on home loans are deductible and can be subtracted from the income of the taxpayer.

Interest Rate
The amount of a borrower is charged per year for a personal or home loan.

Interest Only Loan
A loan where the entire payment are installments that go towards purely paying off the interest due on the loan. With this type of loan the principal due on the loan does not decrease over time.

Interstate Bank
Using bank holding companies to expand a bank across state lines.

Introductory (Intro) Rate
A certain period of time where the lender charges a lower interest rate in order to entice the borrower to accept the credit or mortgage terms. Once the introductory period is over the interest rate charged on the money borrowed increases to the market or indexed rate unless otherwise specified in the agreed upon terms.

Investment Income
Gross income produced by rental or investment properties including rents, dividends, etc.

Investment Property
Real estate that generates income for the owner.

Itemized Deduction
A method of calculating one's taxes by deducting expenses to reduce the taxable income of the taxpayer. Itemized deductions may include medical expenses, interest payments, donations, losses, among other things.