| Term | Definition |
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| Impact fees | Fees collected from developers of new homes to pay for schools, parks and other facilities.
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| Implied warranty of habitability | Court cases which determined that all new homes are assumed to be fit for human habitation and meet all building codes.
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| Impounds | A portion of the monthly mortgage payment that is placed in an account and used to pay for hazard insurance, property taxes and private mortgage insurance.
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| Income property | Property that is not occupied by the owner but is used to generate income.
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| Incurable defect | A defect in a property that cannot be fixed, such as an adjacent hazardous waste site, or would cost too much to repair relative to the value of the property.
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| Index | Financial tables used by lenders to calculate interest rates on adjustable mortgages, including the yield on Treasury bills.
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| Individual Retirement Account | Tax-deferred savings accounts that allow people to accrue retirement funds.
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| In-file credit report | Computer-generated reports drawn from credit repositories that are generally regarded as objective histories.
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| Infill development | Any significant new construction in an established area.
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| Infill housing | Home construction in established areas.
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| Inflation | This event occurs when there is more money available than there are goods and services to be purchased. Mortgage rates, which are determined by the marketplace and the actions of the Federal Reserve Board and Wall Street, are sensitive to inflation fears.
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| Infrastructure | The roads, schools, parks, utilities, bridges and communications systems in a community.
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| Initial interest rate | The original interest rate on an adjustable mortgage.
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| Inspection report | An examination of a home's exterior, foundation, framingplumbing, electrical system, heating, air conditioning, fireplace, kitchen, bathroom, roofing and interior.
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| Installment contract | A purchase agreement in which the buyer does not receive title to the property until all installments are paid.
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| List is 2 pages long |
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