Genesis Associates Mortgage Definitions "I" (866) 410.4410

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Definitions of Mortgage Terms

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Income Property - Real property that is used, or is capable of being use in the normal market, primarily for the production of annual income through leasing of the property.

Indefeasible - That which cannot be forfeited or done away with.

Indemnity - Protection of exemption from loss or damage.

Ingress - Going in; right of entrance.

Injunction - An order of a court of equity prohibiting an act or compelling an act to be done.

Instrument - A formal written legal document.

Insurable Interest - An interest of such a nature that the occurrence of the event insured against would cause financial loss to the insured. Such interests, for example, may be that of an owner, a mortgagee, a lessee or a trustee.

Insurable Value - The term is used conventionally to designate the amount of insurance that may be carried, on destructible portions of a property to indemnify the owner in the event of loss.

Interest Adjustment Date - The date one month prior to commencement of amortization when accrued interest computed on the moneys advanced becomes due.

Interest Factor - The decimal equivalent for an interest rate on a unit amount for a certain period of time. Computed by interest rate divided by number of days in basic year, times the number of days accrued.

Interest Only Payment Plan - One of four traditional payment plans in which interest is repaid on an unamortized loan with the full principal coming due at the end of the mortgage term.

Interest Plus Principal Payment - One of four traditional payment plans in which principal is reduced through scheduled payments with interest due and payable on the outstanding balance at times set out in the mortgage.

Interest Rate - Interest rate is the percentage charged on outstanding loan balances.

Interest Rate Buydown - A financing technique to increase a property's marketability by reducing an existing mortgage rate to the current or a lower market rate.

Interest Rate Differential - The difference in interest rate between the annual effective rate charged on an existing mortgage and the current rate charged for a term equl to the remaining mortgage term.

Interim Financing (Construction Financing) - Interim loans are used to provide construction financing until the permanent loan can be funded.

Internal Rate of Return - The rate at which the present worth of all present and future investment costs equals the present worth of all present and future investment benefits.

Investor/Lender Disclosure Statement (Form 1) -A prescribed form under the Mortgage Brokers Act that must be provided by the broker to investors/lenders prior to advancing any funds or entering into an agreement to receive such funds.

Irrevocable - Unalterable.

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