Mortgage Glossary

Index:

A measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.

Inflation:

The number of dollars in circulation exceeds the amount of goods and services available for purchase.  Inflation results in a decrease in the dollar’s value.

Interest:

A fee charged for the use of money.

Interest rate:

The amount of interest charged on a monthly loan payment, usually expressed as a percentage.

Insurance:

Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.