MORTGAGE TERMS DICTIONARY
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Improvements |
| Additions to raw land such as buildings, streets, etc. that add value to the land. |
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Impound Account |
| That portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves. |
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Income Approach |
| A method used by an appraiser to estimate the value of a property based on the income it generates. |
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Income Property |
Real estate that generates rental income.
Examples : apartment buildings, office buildings and shopping centers.
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Index |
| A statistic that indicates some current economic of financial condition. Indexes are used to make adjustments in variable rate loans. |
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Ingress and Egress |
| The right to go in and out over a piece of property but not the right to park on it. |
| | See Also : Easement |
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