Money

Mortgage Glossary: I

Jump into the world of mortgage jargon with us, as we help you stay home-finance savvy. This week it’s I…

Interest

Fee charged by the lender to the borrower for the use of money. Calculated as an annual percentage of the amount borrowed or the part of the amount borrowed which remains unpaid.

Interest Rate

Yearly rate of interest charged on a home loan

Interest Accrued

Interest due on the bond since the last interest payment was made

Initiation Fee

Once-off fee charged by the bank for initiating the new home loan account

Instalment Amount

The regular monthly payment you agree to make to a lender on your home loan account

Interim Interest

Interest that accrues on your home loan between the closing date and the date of record.

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