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The Loan Process	Tips and Tricks	FAQs	Glossary

Glossary




		Improvements Additions to raw land such as buildings, streets, etc. that add value to the land.

		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.

		Income Approach A method used by an appraiser to estimate the value of a property based on the income it generates.

		Income Property Real estate that generates rental income. Examples : apartment buildings, office buildings and shopping centers.

		Index A statistic that indicates some current economic of financial condition. Indexes are used to make adjustments in variable rate loans.

		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 Easements.

		Installment Sale See land contract.