Housing Code

Local municipalities set regulations regarding minimum structural and sanitation expectations for residential buildings.

HUD 1- Settlement Statement

A form that itemizes the closing costs associated with purchasing a home. This statement is a balance sheet that shows the source of funds and the distribution of funds in connection with the purchase or mortgaging of a residential property.

Impound (Reserves)

A fraction of a borrower

Impound Account

An account that is set up as a savings account that accumulates a portion of a borrower


Additions to raw lands.


Making a payment for a loss.


A measure of the interest rate changes used to determine changes in an adjustable rate mortgage


The right to enter a tract of land.

Initial Rate

The rate charged during the first interval of the adjustable rate mortgage.


The situation that occurs when a person is unable to pay debts as they become due.


Protection against specified hazards by a company that a party pays a premium to.

Insurance Loan

The loan that is taken out by a borrower that is the cash value of the borrower

Interest Rate

Generally expressed as a percentage, this is the periodic charge on borrowing money.

Interest Rate Cap

A clause built into an adjustable rate mortgage that limits drastic changes in the interest rates.

Interim Financing

Commonly used as a

Joint Liability

The responsibility shared by two or more parties to repay a debt.

Joint Tenancy

An equal, agreed upon joint ownership of a property whereby in the event of the death of one owner, the surviving owner takes over total interest in the property.

Judgement Docket

A lien upon the property of the debtor that is appointed by a County Clerk.

Judgement Lien

The charge filed on the lands of a debtor that results from the decree of the court entered into the judgement docket.

Jumbo Loan

A mortgage that is above the limit set by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), that typically carries a higher interest rate. Currently in Bexar county, the limit is $317,250 for a single family home.

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