Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
Improvements
Adding value to raw land by the development of homes, streets, and buildings, etc.
Impound Account
Partial amounts of the borrower's monthly payments which are used to pay certain services such as taxes, hazard insurance, mortgage insurance, lease payments, and other such things.
Income Property
Property that produces an income, e.g. building offices, townhouses, apartments.
Index
An enumeration that graphs the current economical situation. Indexes are then used to change the rate of the loan.
Ingress and Egress
The ability to pass through a piece of land however not allowing to park on it.
