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GLOSSARY 'H' |
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1. |
Hazard Insurance:
Also called Homeowners Insurance. A form of insurance coverage, which compensates the insured for property loss or damage.
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2. |
Home Equity Line of Credit:
An open-end loan, usually recorded as a second mortgage, that permits borrower to obtain cash advances based on an approved line of credit.
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3. |
Home Improvement Loan:
Mortgage to finance an addition to or rehabilitation of a residence.
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4. |
Home Inspection Report:
A qualified inspector's report on a property's overall condition, including an evaluation of both the structure and mechanical systems.
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Home Mortgage Disclosure Act (HMDA):
Federal legislation that requires certain types of lenders to compile and disclose data on where their mortgage and home improvement loans are being made.
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Home Warranty Plan:
Protection against failure of mechanical systems within the property, including plumbing, electrical, heating systems and installed appliances.
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7. |
Homeowners Insurance:
Insurance carried by the homeowner to protect the dwelling against fire and other hazards.
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8. |
Housing Ratio:
Also called Payment-to-Income Ratio or Front-End Ratio. The ratio of the monthly housing payment to total gross monthly income.
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9. |
HUD- 1 Uniform Settlement Statement:
Standard form used to disclose costs at closing.
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10. |
Hybrid Mortgage:
A mortgage that combines some attributes of a fixed rate mortgage with attributes of an adjustable rate mortgage.
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