Glossary of terms used on this site
There are 105 entries in this glossary.H
| Term | Definition |
|---|---|
| Hazard Insurance |
Lender required insurance that protects the property against loss due to fire or other natural disaster and usually covers the insured for liability. Also known as homeowner’s insurance. |
| Home Equity Line of Credit (HELOC) |
A mortgage loan that allows the borrower to draw money to a maximum amount at any time during the term. |
| Home Equity Loan |
A loan secured by a second mortgage that covers the equity between the first mortgage and the property value. |
| Homeowner’s Association Dues |
A fee paid by home owners in a particular subdivision, planned unit development or condominium that is used to pay expenses for maintenance on the outside of the dwelling as well as common areas such as pools, clubhouses, etc. |
| HUD |
See Department of Housing and Urban Development. |
| HUD 1 Form |
Otherwise known as the Uniform Settlement Statement, this form is a standardized accounting of all the costs required to close a residential sale. The form clearly delineates the costs that accrue to each party in the transaction. |
| Hybrid ARM |
A mortgage loan that features a fixed interest rate for the first 5 to10 years and then turns into an adjustable rate mortgage for the remainder of the term. |