- 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(...) Read More
- I-JoistManufactured structural building component resembling the letter "I". Used as floor joists and rafters. I-joists include two key parts: flanges(...) Read More
- Impound AccountAn account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual(...) Read More
- 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. Read More
- Incandescent LampA lamp employing an electrically charged metal filament that glows at white heat. A typical light bulb. Read More
- Income LevelsIncome levels set by the government serve statistical and decision-making purposes. For example, these are used for determining the tax credit limits. Read More
- Income-Producing AssetsReal estate investments that create passive income for the property owner. Read More
- Income PropertyReal estate developed or purchased to produce income, such as a rental unit. Read More
- IndexA number used to compute the interest rate for an adjustable-rate mortgage (ARM). The index is generally a published number or percentage, such(...) Read More
- Individual OwnershipWhen a property is bought and registered in the name of one individual, s/he alone holds the ownership title of the property. Read More
- Individual Taxpayer Identification NumberAllows foreign nationals and other individuals who are not eligible for a SSN to comply with U.S. tax laws. Read More
- Indoor Air QualityInterior air quality, increasingly recognized as important to health; this includes gaseous composition, temperature, relative humidity; and(...) Read More
- 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(...) Read More
- Industrial PaintProfessional-strength paint; typically industrial paint would be used for specific purposes, or in commercial environments. It is usually highly(...) Read More
- 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(...) Read More
- Initial CapConsumer safeguard that limits the amount the interest rate on an adjustable rate mortgage can change during the first adjustment period. Read More
- Initial Interest RateThe original interest rate for an adjustable-rate mortgage (ARM). Sometimes known as the start rate. Read More
- InquiryA request made by a lender or other business to a Credit Reporting Bureau for a credit report, often initiated when a prospective borrower(...) Read More
- Inside CornerThe point at which two walls form an internal angle, as in the corner of a room. Read More
- InspectionA property inspection is an examination through which the condition of a property is determined. Inspections can help interested buyers estimate(...) Read More
- 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(...) Read More
- Inspection ReportAn inspection report is a written record of the property’s current condition including, foundation, roof, interior and exterior, heating and(...) Read More
- 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(...) Read More
- InspectorA building inspector employed by the local government, and visits job sites to ensure the building is being built to code. Read More
- InstallmentThe regular periodic payment that a borrower agrees to make to a lender. Read More
- Insulating GlassWindow or door in which two panes of glass are used with a sealed air space between. Read More
- InsulationInsulation reduces the transfer of outdoor temperatures to inside your home; it also protects against sound and moisture. Insulation provides a(...) Read More
- 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(...) Read More
- InterestThe cost paid to a lender for borrowed money. Read More
- Interest Accrual RateThe percentage rate at which interest accumulates or increases on a mortgage loan. Read More
- 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(...) Read More
- 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(...) Read More
- 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,(...) Read More
- Interest Rate CeilingFor an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note. Read More
- Interest Rate FloorFor an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage note. Read More
- Interest ShortfallThe aggregate amount of interest payments from the borrower that is less than the accrued interest on the certificate. Read More
- Interior DecoratorsInterior decorators choose furnishings, finishes, and other elements for a home or building that establishes a certain design look. Read More
- Interior DesignersInterior decorators choose furnishings, finishes, and other elements for a home or building that establishes a certain design look. Read More
- Interior FinishMaterial used to cover the interior framed areas of walls and ceilings Read More
- Internal Rate of ReturnThis is the best measure of a property’s performance, used to measure an asset’s long-term profitability. It is defined as the point where the(...) Read More