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impound account An account used to pay your hazard insurance, mortgage insurance and property taxes. income property Any property, including land, which earns you money. index A published interest rate to which the interest rate on an Adjustable Rate Mortgage (ARM) is tied. |
Some commonly used indices include the 1 Year Treasury Bill, 6 Month LIBOR, and the 11th District Cost of Funds (COFI).
installment
Regular payments given to a lender to repay a mortgage.
