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IMPOUND
An Impound Account is also known as an Escrow Account. |
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INDEX
A regularly published rate, independent of the lending institution, that measures the prevailing cost of funds. |
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INITIAL RATE
The original interest rate of the mortgage at the time of closing. |
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INSURABLE TITLE
A property title that a title insurance company agrees to insure against defects and disputes. |
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INTEREST RATE CEILING
For an adjustable-rate mortgage (ARM), the maximum interest rate. |
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INTEREST RATE FLOOR
For an adjustable-rate mortgage (ARM), the minimum interest rate. |
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