There are 6 names in this directory beginning with the letter I.
An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.)
A published rate used by lenders that serves as the basis for determining interest rate changes on ARM loans.
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.
Interest Rate Cap
Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index.