Glossary of Terms, I-W

Income
Amount earned or gained; not a return of capital.
Index
A number used to compute the interest rate for an adjustable-rate mortgage (ARM). The index is generally a published number or percentage, such as the average interest rate or yield on Treasury bills. An amount known as a margin is added to the index to determine the interest rate that will be charged on the ARM.
Interest
The fee charged for borrowing money.
Inventory
The detailed descriptive list of your household goods showing the quantity and condition of each item.
Judgment lien
A lien on the property of a debtor resulting from the decree of a court.
Lien
A legal claim on property of some obligation or debt.
Local moving
Local moving usually refers to moves of less than 100 miles within the same state. This type of move is based on hourly rates and is regulated by the states DOT or other regulatory body.
Lock-in
An agreement guaranteeing a specific interest rate and points if a transaction is closed by a certain date.
Lock-in period
The time period during which the lender has guaranteed an interest rate to a borrower. See lock-in.
Long distance
These refer to moves of more than 100 miles within one state or moves between two states.
Margin
The amount added to an index to establish the interest rate on an adjustable-rate mortgage (ARM) on each adjustment date, subject to any limitations on the interest rate change. See index.
Money market account
An account that provides depositors with a slightly higher rate of interest than an ordinary savings account. Money market accounts are not FDIC insured.
Money market fund
A mutual fund that invests in short-term debt securities, such as certificates of deposit and Treasury bills.
Monthly payment mortgage
A mortgage that requires payments to be made once each month.
Mortgage
A contract in which a lender loans funds and receives secured interest in property until the funds are repaid.
Non-binding or hourly rate
Customers are charged by the hour per man, per truck.
Offer
An intentional proposal or promise made by one party to act or perform provided the other party acts or performs in the manner requested.
Order for service
This is the authorizing document that allowing movers to move your goods.
Order Number
This also refers to the Bill of Lading. It's the number used to identify and track your shipment.
Peak season rates
A premium rate is typically charged at certain times of the year, usually summer. You can sometimes get a break on fees in the winter.
PMI
Private mortgage insurance, which protects the lender in case of default by the borrower. PMI is often used when buyers obtain financing with less than a 20% down payment.
Point
A charge by the lender representing 1 percent of the amount of the mortgage.
Points (loan discount points)
Prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount.
Pre-qualification
A determination of how much money a prospective home buyer will be eligible to borrow before he or she applies for a loan.
Principal, interest, taxes, and insurance (PITI)
The four components of a monthly mortgage payment often referred to as one. See principal and interest. Taxes and insurance represent amounts that are paid into an escrow account for property taxes and hazard and/or mortgage insurance.
Property
A bundle of legal rights for real estate.
Property Tax
A charge imposed on the assessed value of real estate, to be used to support the State or municipality who in turn utilizes the funds in the best interest of the general public.
Qualifying Ratios
Housing and debt ratios used by lenders to determine a potential borrower's credit-worthiness. The ratios are expressed as numbers like 28/36 where 28 would be the housing ratio and 36 would be the debt ratio. The housing ratio of 28 means that housing expenses should not exceed 28 percent of gross monthly income and the debt ratio of 36 means that housing expenses plus long term debt should not exceed 36 percent of gross monthly income.
Record
To place any document or instrument affecting title or an interest in real property in the public records of the county in which the property is located.
Recorder
The public official sometimes called a "Registrar of Deeds" or "County Clerk." or "Clerk of the Court" who keeps records of legal transactions in a jurisdiction.
Recording
Entering into the public records the written documents affecting title to real property, such as a properly executed legal document (deeds, mortgage notes, satisfactions of mortgage) thereby making it a part of the public record. Constructive notice. See recorder.
Real estate
Land including the air above and the earth below plus any permanent improvements affecting the utility of the land. Property that is not personal property.
Real estate agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. See agent.
Real estate broker
An agent who buys, sells, or rents real estate for a company, firm, or individual on a commission basis. The broker does not hold title to the property but generally represents the owner.
Settlement
See closing.
Settlement disclosure statement
A list giving a complete breakdown of costs involved in a real estate transaction prepared by the lenderís agent at closing.
Simple Interest
Interest computed only on the principle balance.
Stair-carry charge
This is an extra charge for carrying items up or down flights of stairs.
Storage-in-Transit (SIT)
This refers to temporary warehousing of your goods pending further transportation or transportation to your new home if it isn't ready for occupancy. You may not exceed a total of 180 days of storage.
Survey
A professionally created drawing or map indicating precise legal boundaries of a property, location of improvements, easements, rights of way, encroachments, and other physical features. The method of measuring boundaries and determining land areas.
Tax
An enforced charge imposed on persons, property or income. Compulsory payment by a citizen to a unit of government.
Taxable Value
The assessed value less allowable exemptions resulting in an amount to which the tax rate is applied to determine property taxes due.
Title
The group of rights that represent ownership of real property and the quality of the estate owned. A legal document evidencing a person's right to or ownership of property.
Title company
A company that specializes in examining and insuring titles to real estate.
Title insurance
Insurance policies that protect the lender or the buyer against errors or omissions or defects in the title of a property.
Title search or examination
An examination of municipal records to determine the legal ownership of property and to confirm any liens, special assessments, other claims or restrictive covenants filed in the record
Trustee
A person or party, either appointed or required by law to administer or manage anotherís property. An escrow agent.
VA mortgage
A long-term, low- or no-down payment loan guaranteed by the Department of Veterans Affairs (VA). Restricted to individuals qualified by military service or other entitlements.
Valuation
The amount your goods are worth.
Walk-through inspection
Final inspection of a propertyís condition by the buyer, done before closing, to ensure that all conditions noted in the offer-to-purchase have been met.