Mortgages designed for Life
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Mortgage Calculator

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Mortgage Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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 Rate

Interest Rate is the percentage charged on outstanding loan balances.

Interim Financing (Construction Financing)

Interim loans are used to provide construction financing until the permanent loan can be funded.

Internal Rate of Return

That rate at which the present worth of all present and future investment costs equals the present worth of all present and future investment benefits.

Irrevocable

Unalterable.