The Real Estate Terms & Real Estate Definitions
Real Estate Glossary

This list of Real Estate Terms was compiled into a Real Estate Glossary for informational purposes only to assist our Buyers and Sellers. The Real Estate Terms and Real Estate Definitions are not an exhaustive Real Estate Glossary. Please consult your Home Marketsite Pennsylvania REALTOR or attorney for further advice.

 The Real Estate Terms & Real Estate Definitions
Real Estate Glossary

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Income Statement
A component of financial statements which sets forth the income, expenses, and net profit or loss of an individual or business entity over some specified period of time. Also referred to as a "Profit and Loss Statement".

Index
A published interest rate to which the interest rate on an adjustable rate mortgage (ARM) is tied. You should ask your lender how the index for any ARM you are considering has changed in recent years, and where it is reported.

Installment
The regular periodic payment that a borrower agrees to make to a lender.

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
The price paid for the use of borrowed money, usually expressed as an annual percentage.

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 Lock
An agreement made by a lender guaranteeing a borrower who has applied for a loan specific interest rate provided the loan closes within a specified period of time.

Interim Construction Financing
The financing provided from the time a construction project is commenced until its completion or the settlement of a permanent loan. See "construction loan".

Investment Property
A property that is not occupied by the owner and in most cases generated income for the owner.

The Real Estate Terms & Real Estate Definitions
Real Estate Glossary by:

Home Marketsite - Pennsylvania Real Estate