Real Estate City Glossary

Real Estate City Glossary I

(Interest - Intestate)

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Interest
Fee paid by borrower for the use of money that is loaned to them. It is a certain percent of the total of the loan.

Interest Accrual Rate
The rate at which interest is added onto the principal of a loan (accrual).

Interest Rate
The percentage of the principal amount of a loan that is charged for use of that loan. This amount determines the monthly payment.

Interest Rate Cap
Maximum interest rate allowed, during an adjustment period, on the monthly payment of an adjustable rate mortgage.

Interest Rate Ceiling
Highest interest rate allowed to be charged on an adjustable rate mortgage.

Interest-only Loan
Loan, where only the interest is paid each month. Therefore, the outstanding amount of principal is not reduced.

Interim Loan
Loan that is to be replaced by a permanent loan.

Interim Financing
Financing, used for a short term, to bridge the gap between the purchase of a home and the sale of a home, is also called a "bridge loan". Construction loans are interim financing.

Interpolation
The mathematical process of establishing a new or estimatd figure between two existing payments or rates.

Intestate
A person who dies without a will.