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TermDefinition
- I-BeamA strong steel beam that is used to carry the weight of the roof and upper floors across long spans, such as in a basement or a large room. It typically looks like an "I" at the cross section.
- I-JoistManufactured structural building component resembling the letter "I". Used as floor joists and rafters. I-joists include two key parts: flanges and webs. The flange of the I joist may be made of laminated veneer lumber or dimensional lumber, usually formed into a 1 ½" width. The web or center of the I-joist is commonly made of plywood or oriented strand board (OSB). Large holes can be cut in the web to accommodate duct work and plumbing waste lines. I-joists are available in lengths up to 60 feet long
- Impound AccountAn 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.
- Escrow AccountAn 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.
- In-Law ApartmentSometimes called a Mother-In-Law Apartment or Suite. An accessory dwelling unit that is separate or attached from the main living unit.
- Incandescent LampA lamp employing an electrically charged metal filament that glows at white heat. A typical light bulb.
- Income LevelsIncome levels set by the government serve statistical and decision-making purposes. For example, these are used for determining the tax credit limits.
- Income-Producing AssetsReal estate investments that create passive income for the property owner.
- Income PropertyReal estate developed or purchased to produce income, such as a rental unit.
- IndexA number used to compute the interest rate for an adjustable-rate mortgage (ARM). The index is generally a published number or percentage, such as the average interest rate or yield on U.S. Treasury bills. A margin is added to the index to determine the interest rate that will be charged on the ARM. This interest rate is subject to any caps on the maximum or minimum interest rate that may be charged on the mortgage, stated in the note.
- Individual OwnershipWhen a property is bought and registered in the name of one individual, s/he alone holds the ownership title of the property.
- Sole OwnershipWhen a property is bought and registered in the name of one individual, s/he alone holds the ownership title of the property.
- Individual Taxpayer Identification NumberAllows foreign nationals and other individuals who are not eligible for a SSN to comply with U.S. tax laws.
- ITIN-LoanAllows foreign nationals and other individuals who are not eligible for a SSN to comply with U.S. tax laws.
- ITINAllows foreign nationals and other individuals who are not eligible for a SSN to comply with U.S. tax laws.
- Indoor Air QualityInterior air quality, increasingly recognized as important to health; this includes gaseous composition, temperature, relative humidity; and airborne contaminant levels, such as pollen and dust.
- IAQInterior air quality, increasingly recognized as important to health; this includes gaseous composition, temperature, relative humidity; and airborne contaminant levels, such as pollen and dust.
- Induction StoveA type of electric stove that heats the pan by using magnetic fields. By mimicking the heating and cool-down of a gas stove, it is an efficient way to cook and does not expel any harmful fumes.
- Industrial PaintProfessional-strength paint; typically industrial paint would be used for specific purposes, or in commercial environments. It is usually highly durable and ultra-resistant to chemicals or environmental exposure.
- InfiltrationAir that slips through the cracks and crevices of a home, which causes drafts and wastes energy. A home energy retrofit is typically used to reduce infiltration.
- Initial CapConsumer safeguard that limits the amount the interest rate on an adjustable rate mortgage can change during the first adjustment period.
- Initial Interest RateThe original interest rate for an adjustable-rate mortgage (ARM). Sometimes known as the start rate.
- InquiryA request made by a lender or other business to a Credit Reporting Bureau for a credit report, often initiated when a prospective borrower requests credit or a loan.
- Inside CornerThe point at which two walls form an internal angle, as in the corner of a room.
- InspectionA property inspection is an examination through which the condition of a property is determined. Inspections can help interested buyers estimate the costs of making repairs and renovations.
- Inspection ContingencyAn inspection contingency is a clause put in the agreement to allow the buyer to have the home inspected and negotiate costs or terminate the agreement with the seller based on the results of the inspection.
- Inspection ReportAn inspection report is a written record of the property’s current condition including, foundation, roof, interior and exterior, heating and A/C, etc. Inspections are an important step in a buyers due diligence on a property, as it could potentially change the value and selling price of the home.
- InspectionsBuilding inspectors, who are employed by the local government, come out to job sites to ensure the building is being built to code by checking the forms of the footers and foundations before concrete is poured. They will also go over construction methods, plumbing, and electrical before the drywall is put in place. Specialty inspectors, such as electrical and plumbing inspectors, may also be present during the inspection process.
- InspectorA building inspector employed by the local government, and visits job sites to ensure the building is being built to code.
- InstallmentThe regular periodic payment that a borrower agrees to make to a lender.
- Insulating GlassWindow or door in which two panes of glass are used with a sealed air space between.
- Double GlassWindow or door in which two panes of glass are used with a sealed air space between.
- InsulationInsulation reduces the transfer of outdoor temperatures to inside your home; it also protects against sound and moisture. Insulation provides a barrier between your home's walls and comes in several formats depending on its usage and R-value. Types of insulation include cellulose, fiberglass, spray foam, and radiant barriers.
- Insulation Board, RigidA structural building board made of coarse wood or cane fiber in ½ - and 25/32-inch thickness. It can be obtained in various size sheets and densities.
- InterestThe cost paid to a lender for borrowed money.
- Interest Accrual RateThe percentage rate at which interest accumulates or increases on a mortgage loan.
- Interest Only LoanA loan arrangement in which the borrower pays only the interest for some or all of the term, with the principal balance unchanged during the interest-only period.
- Interest RateA percentage of the principal that’s charged by the lender from a borrower for the use of particular assets. In real estate, interest usually refers to mortgage interest rates that depend on the Federal Reserve Discount interest rate, credit report and score, and lender’s business decisions.
- Interest Rate CapFor an adjustable-rate mortgage (ARM), a limitation on the amount the interest rate can change per adjustment or over the lifetime of the loan, as stated in the note.
- Interest Rate CeilingFor an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note.