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Dictionary

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Impounds
A fraction of the monthly mortgage payment that is place in a trust account established by the lender. These funds are used to pay for taxes, mortgage insurance premiums, and/or future insurance policy premiums.

Index
Financial tables utilized by lenders to calculate interest rates on adjustable mortgages and on Treasury bills.

Insurance
A contract, purchased by owners/buyers, that guarantees compensation by the insurer for possible losses under specific.

Interest
A fee paid for borrowing money, usually calculated as a percentage of the total loan amount.