Quickloans Glossary

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G

GROSS MONTHLY INCOME
The total amount the borrower(s) earns each month, before any expenses are deducted.

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H

HAZARD INSURANCE
Insurance which protects the borrower and home from specified losses, such as fire, windstorm, etc.

HOUSING EXPENSES-TO-INCOME RATIO
The ratio, expressed as a percentage, obtained by dividing borrower's housing expenses by his/her gross monthly income. See debt-to-income ratio.

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I

IMPOUND
Portion of the borrower's monthly payment collected by the lender to pay taxes, hazard insurance, mortgage insurance, and other items as they become due. Also known as reserves.

INDEX
The rate against which lenders measure the difference between the current rate on adjustable rate loans and that earned by other investments, (U.S. Treasury security yields, monthly average interest rate on loans closed by savings and loans, and monthly average costs-of-funds incurred by savings and loans), which is then used to adjust the interest rate up or down.

INVESTOR
Money source for a lender.

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