Home > Mobile Home Finance Dictionary > I As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here.

 

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Index: A published market index rate tied to an economic indicator that is used to calculate the interest rate of an adjustable rate mortgage at origination and at each adjustment period.

Income: A stream of financial benefits generally measured in terms of money as of a certain time or a flow of service which is the origin of value.

Income statement: A historical financial report prepared on either an accrual or a cash basis that indicates, sources and amounts of revenues, amounts of expense accounts, and profit or loss.

Inheritance taxes: The state-imposed taxes collected on a decedent's real and personal property.

Installment Loan: A credit account in which the amount of the payment and the number of payments are fixed.

Interest: 1. The cost in dollars for the use of money for a period of time or "rent" paid for the use of money. 2. The type and extent or having a portion, share or right in the ownership of something. Example: Lenders require payment of interest at a specified rate, to compensate for risk. deferment of benefits, inflation. and administrative burdens. Example: One may hold either a partial or fee simple interest in a property That interest entitles one to specific ownership rights.

Interest Factor: The cost for borrowing $1,000 of a mortgage loan based on interest rate and term.

Interest rate: The percentage of a sum of money charged for its use and like rent paid for use of the money. It is expressed as a percentage - usually annually, but can also be monthly or daily - of the sum borrowed.

Interest Rate Lock-In: A written guarantee that a buyer will receive a specified interest rate from a lender, provided that the loan closes within a set period of time.

Interim loan: A temporary or short-term loan that is also called an interim financing that is secured by a mortgage which is used until permanent financing is available and then paid off from the proceeds of permanent financing. See Construction loan.

 

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