Keller Williams of Central Pa East
530 Lockwillow Rd
Harrisburg, PA, 17112
Office Phone: 717-533-8000
Laurel’s Mobile: 717.608.3120
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Glossary of Terms - I

 

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

 

Impound
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.

Index
A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as one- three-, and five-year U.S. Treasury Security yields, the monthly average interest rate on loans closed by savings and loan institutions, and the monthly average Costs-of-Funds incurred by savings and loans), which is then used to adjust the interest rate on an adjustable mortgage up or down.

Interest Bearing
A form of interest calculation where the loan is charged at a daily or monthly rate (1/365 or 1/12 of the annual interest rate) on the current outstanding balance.

Investor
Money source for a lender.

































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