| IMPROVEMENTS | Those additions to raw lands tending to increase value such as buildings, streets, sewer, etc. |
| INCHOATE CURTESY | The imperfected interest which the law gives a husband in the lands of his wife. "This is an interest which upon the death of the wife may ripen into possession and use. |
| INCHOATE DOWER | The imperfected interest which the law gives a wife in the lands of her husband. "This is an interest which upon the death of the husband may ripen into possession and use. |
| INCOME TO DEBT RATIO | The percentage of gross income that lenders will allow for monthly housing costs when evaluating a borrower's qualification for a particular loan amount. |
| INDEMNIFY | To make payment for a loss. |
| INDEMNITY | A protection against actual loss or damage as a result of the matter mentioned. An indemnity is not an absolute guarantee that something won't happen, it states the terms under which an actual loss will be compensated. |
| INDEX | A market indicator used to determine the interest rate for an adjustable rate mortgage. Common indexes include one-year treasury securities and the 11th District Cost of Funds. |
| INGRESS | The right to enter a tract of land. "Often used interchangeably with access." (See Access) |
| INSPECTION | An examination of a property or building to determine condition or quality for a particular purpose such as an assessment of structural or termite damage. |
| INSPECTOR | The property/mechanical inspector examines a home to evaluate its plumbing, electrical work, appliances, hearing and cooling systems, roof and structural stability. |
| INSURABLE TITLE | Title subject to a defect or claim which a title insurance company is willing to insure against. Compare, Marketable Title. |
| INSURANCE LOAN | When cash value of life insurance policy is borrowed by insured. |
| INSURED CLOSING LETTER | An indemnity given to a lender from a title insurance company, agreeing to be responsible if the closing agent does not follow the lender's instructions or misappropriates the loan proceeds. Lender's usually require an insured closing letter be on file form. |
| INTEREST | The fee, or rent, charged by the lender for borrowing money. |
| INTEREST CAP | A limit on the amount that the interest rate for an adjustable rate mortgage can change, regardless of how much the index changes. Most ARMs have cap on both the amount it can increase or decrease at any periodic adjustment interval and a life-long cap. |
| INTEREST RATE | The percentage rate on a principal amount charged by a lender for the use of a sum of money. |
| INTERIM FINANCING | Temporary or short term loans. Often used with new construction. Usually replaced with a permanent, long term mortgage. |
| INTESTATE | An estate without a Will. Compare, Testate. |
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