A method of connecting highways by ramps and grade level changes, so as to obviate the need for controls (lights, stop signs, etc.).

A ramp at an interchange. See also: Interchange.

(1) A share or right in some property. (2) Money charged for the use of money (principal).

The percentage rate at which interest accrues based on the terms of the note. Example: A fixed rate loan of 6% per year would have an accrual rate of 6%. An adjustable rate loan would have an accrual rate based on the formula for determining interest.

A note stating an equal (usually monthly) payment on principal, plus interest. As the interest decreases (based on declining principal balance) the total payment decreases. The amount applied to principal remains the same. See also: Interest Included Note.

A note having equal payments (usually monthly). Interest is figured on the declining principal balance. As the principal decreases, interest also decreases, applying more of each payment to principal. See also: Interest Extra Note.

A mortgage under which the principal amount borrowed is repaid in one payment. Periodic interest payments are made

See: Interest Only Mortgage.

The percentage of an amount of money which is paid for its use for a specified time. Usually expressed as an annual percentage.

See: Buydown.

The maximum interest rate increase of an Adjust-able Mortgage Loan. For example: a 12% loan with a 5% interest rate cap would have maximum interest for the life of the loan which would not exceed 17%.

The highest rate that can be charged on an adjustable rate mortgage. Also called a Cap.

The lowest rate that can be charged on an adjustable rate mortgage if interest rates go down. Not all adjustable rate loans allow rates to go below the beginning rate.

The direction of interest rates. Higher rates usually predict a slowdown in real estate sales and mortgage refinancing. Lower rates predict the opposite.

Temporary financing, usually for construction.

See: Interim Financing.

See: Inside Lot.

All of the moldings on the inside walls of a building.

A provisional or temporary decree, pending some contingency before a final decree. Sometimes the contingency may be only the passage of time.

See: Qualified Intermediary.

The IRR measures the annual yield of a financial instrument. For investments, the IRR measures the average rate of return the investment is expected to yield over its life. For lending, the IRR measures the cost of credit over the life of the credit transaction.