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Indianapolis Neighborhood Housing Partnership

Learn lending lingo fast with INHP

Lending lingo may seem foreign, especially if you’re a first-time homebuyer. Here are the definitions of four homeownership terms to help you learn home lingo fast:

What’s a home lender?
A home lender is a bank or other financial institution, like INHP, that loans money to people to buy a house – the loan is often called a mortgage.

What’s a down payment?
A down payment is the amount of the home’s purchase price that a buyer must pay using their own money. The remaining purchase price is typically funded by a mortgage loan.

• What’s the principal?
When talking about mortgage loans, the principal is the amount of money borrowed to buy a house.

What’s an interest rate?
An interest rate is the amount a home lender charges for borrowing money. It’s how the lender makes money from doing a transaction with you.

Still intimidated? View a full list of homeownership terms on INHP’s website. Or, sign up for one of INHP’s classes online. Most are free.

Can’t afford a large down payment? An INHP home loan only requires a 1 to 3% down. Get started today!

INHP office holiday hours

Starting Dec. 25, 2020, through Jan. 3, 2021, all INHP office locations will be closed for the holidays. We will resume normal hours of operation at 8:30 a.m., Jan. 4, 2020.


INHP will respond to any inquiries or form submissions made via our website or email system in the order they were received after we reopen. If you do not hear from an INHP representative by Jan. 9, 2021, please call 317-610-4663.


We wish you a warm and happy holiday season!

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