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Interest Payment Notification (1098)
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.
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Interest
Money paid to a lender as compensation for money that is borrowed.
Mortgage
A legal document pledging property as security for the payment of a loan.
SIMILAR TERMS--------------------------------------
Interest
Money paid to a lender as compensation for money that is borrowed.
Interest accrual rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Interest deduction
Interest expense on a home loan that governments allows homeowners to subtract from their income before computing their income tax.
Interest factor
In a table, numbers derived from formulas used to determine the present or future value of money.
Interest rate
The amount of interest charged on a monthly loan payment; usually expressed as a percentage.
Interest rate buy-down plan
A fixed-rate loan in which the borrower pays a fee for a lower rate in the first years (usually two years) of the loan. The rate later rises to its full fixed rate.
Interest rate cap
A limit on how much a borrower’s percentage rate can increase or decrease at rate adjustment periods and over the life of the loan.
Interest rate ceiling
Specified in the loan agreement, the highest percentage a lender can charge før an adjustable-rate mortgage.
Interest-only
A term loan calling for payments of interest only, not to include any amount for principal.
Interest-only ARM 3-1
A 3-1 interest-only ARM is an adjustable rate mortgage in which none of the payments go toward retiring principal for the first three years.
Interest-only ARM 5-1
A 5-1 interest-only ARM is an adjustable rate mortgage in which none of the payments go toward retiring principal for the first five years.
Interest-only jumbo refinance ARM 5-1
A 5-1 jumbo interest-only refinance ARM is a jumbo refi with fixed, interest-only payments for the first five years of the loan. After the five years are up, the loan converts to a loan whose payments cover both interest and principal, and which adjusts annually to current interest rates.
Interest-only loan
An advance of money in which the installments pay only the interest that accumulates on the loan balance.
Interest-only mortgage
The borrower pays back only interest on the loan each month. They pay off the rest at the capital debt at the end of the loan with money saved into a separate investment vehicle over the years.
Interest-only refinance ARM 3-1
A 3-1 interest-only refinance ARM is an adjustable rate refi in which none of the payments go toward retiring principal for the first five years.
Interest-only strip
A derivative security consisting of all or part of the interest portion of the underlying loan or security
Interim financing
A short-term loan usually made during the construction phase of a building project (in this case often referred to as a construction loan).
Interim occupancy agreement
An agreement allowing a buyer to take possession of a property as a tenant prior to close of escrow.
Intermediary
Link up borrowers and lenders for a fee.
Intermediate theory
Some states have adopted an intermediate theory of mortgage based on the principles of title theory, but requiring the mortgagee (lender) to foreclose to obtain legal title as is necessary in lien theory.
Internal rate of return (IRR)
A discounted cash-flow analysis calculation used to determine the potential total return of a real estate asset during an anticipated holding period.
Interplead
A judicial proceeding by which, when two parties make the same claim against a third party, the rightful claimant is determined.
Interpleader
A judicial proceeding where an innocent third party, such as an escrow agent or broker, can deposit with the court property or money that he or she holds and that is subject to adverse claims.
Interstate banking
Bank expansion across state lines through the use of bank holding companies and acquisitions of existing banks.
Interstate Land Sales Full Disclosure Act
A federal law, enacted in 1968, that regulates interstate land sales by requiring registration of real property with the Office of Interstate Land Sales Registration (OILSR) of the U.S. Department of Housing and Urban Development (HUD).
Intestate
A person who dies without making a will.
Intestate succession
A succession of a property to the heirs when a person dies without a will.
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Insured mortgage
A mortgage insured against loss to the mortgagee (lender) in the event of default and failure of the mortgaged property to satisfy the balance owing plus cost of foreclosure.
Interest
Money paid to a lender as compensation for money that is borrowed.
Interest accrual rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Interest deduction
Interest expense on a home loan that governments allows homeowners to subtract from their income before computing their income tax.
Interest factor
In a table, numbers derived from formulas used to determine the present or future value of money.
Interest Payment Notification (1098)
Interest rate
The amount of interest charged on a monthly loan payment; usually expressed as a percentage.
Interest rate buy-down plan
A fixed-rate loan in which the borrower pays a fee for a lower rate in the first years (usually two years) of the loan. The rate later rises to its full fixed rate.
Interest rate cap
A limit on how much a borrower’s percentage rate can increase or decrease at rate adjustment periods and over the life of the loan.
Interest rate ceiling
Specified in the loan agreement, the highest percentage a lender can charge før an adjustable-rate mortgage.
Interest-only
A term loan calling for payments of interest only, not to include any amount for principal.
This dictionary contains 6433 terms. |
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