Index The interest rate or adjustment standard which determines the changes in monthly payments for an adjustable rate loan.

Infrastructure The public facilities and services needed to support residential development, including highways, bridges, schools, and sewer and water systems

Interest The cost paid to a lender for the use of borrowed money.

Joint Tenancy A form of ownership by which the tenants own a property equally. If one dies, the other would automatically inherit the entire property.

Level Payment Mortgage A mortgage whose payments are identical for each month over the life of the loan.

Mortgage Broker A broker who represents numerous lenders and helps consumers find affordable mortgages; the broker charges a fee only if the consumer fins a loan.

Mortgage Commitment A formal written communication by a lender, agreeing to make a mortgage loan on a specific property, specifying the loan amount, length of time and conditions.

Mortgage Company (Mortgage Banker) A company that borrows money from a bank, lends it to consumers who want to buy homes, then sells the loans to investors.

Mortgagee The lender who makes a mortgage loan.

Mortgage Loan A contract in which the borrower’s property is pledged as collateral and which can be repaid in installments over a long period. The mortgagor (buyer) promises to repay principal and interest, to keep the home insured, to pay all taxes, and to keep the property in good condition.

Mortgage Origination Fee A charge by a lender for the work involved in preparing and servicing a mortgage application (usually 1 percent of the loan amount).

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