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Look-up a term: GLOSSARY:
  • Indemnification to secure against any loss or damage, compensate or give security for reimbursement for loss or damage incurred. A homeowner should negotiate for inclusion of an indemnification provision in a contract with a general contractor or for a separate indemnity agreement protecting the homeowner from harm, loss or damage caused by actions or omissions of the general (and all sub) contractor.
  • Index the measure of interest rate changes that the lender uses to decide how much the interest rate of an ARM will change over time. No one can be sure when an index rate will go up or down. If a lender bases interest rate adjustments on the average value of an index over time, your interest rate would not be as volatile. You should ask your lender how the index for any ARM you are considering has changed in recent years, and where it is reported.
  • Inflation the number of dollars in circulation exceeds the amount of goods and services available for purchase; inflation results in a decrease in the dollar's value.
  • Inflation Coverage endorsement to a homeowner's policy that automatically adjusts the amount of insurance to compensate for inflationary rises in the home's value. This type of coverage does not adjust for increases in the home's value due to improvements.
  • Inquiry a credit report request. Each time a credit application is completed or more credit is requested counts as an inquiry. A large number of inquiries on a credit report can sometimes make a credit score lower.
  • Insulated & sealed floor joist perimeter Floors that are not sealed allow for the escape of hot or cool air. By properly insulating and blocking the joists it creates an air barrier that prevents the loss of energy in your home.
  • Insulated entry & garage doors Entryways and garage doors are often overlooked as a source of energy waste. By properly insulating these areas in your home, you can reduce the amount of hot and cool air that leaks out to you use your air conditioning and heater less.
  • Insulation to reduce energy consumption Properly insulating homes can help reduce electricity bills. Insulation works by reducing the amount of heat or cool air that escapes from your home.
  • Insurance protection against a specific loss, such as fire, wind etc., over a period of time that is secured by the payment of a regularly scheduled premium.
  • Integrated pest management This practice is an effective and environmentally-friendly approach to pest management. Pesticides used contain the least possible hazard to people, your property and the environment.
  • Interest a fee charged for the use of borrowing money.
  • Interest Rate the amount of interest charged on a monthly loan payment, expressed as a percentage.
  • Interest Rate Swap a transaction between two parties where each agrees to exchange payments tied to different interest rates for a specified period of time, generally based on a notional principal amount.
  • Intermediate Term Mortgage a mortgage loan with a contractual maturity from the time of purchase equal to or less than 20 years.