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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION
H
- Hazard Insurance
- Insurance that covers physical damage to a house that is due to a hazard. Hazard insurance is required by most lenders that approve mortgage loans, and other types of insurance may be required depending on the location of the property.
RELATED MORTGAGE TERMS: Flood Insurance
MORTGAGE LOAN EXAMPLES: Hazard Insurance
- HELOC
- See Home Equity Line of Credit
- Home Equity
- See Equity
- Home Equity Conversion Mortgage (HECM)
- See Reverse Mortgage
- Home Inspection
- Examination of a house's structure, mechanical systems, and the property it is built upon for any defects it may have and repairs that may be needed.
- Home Owners Association (HOA)
- Group that oversees a condominium complex or other planned community. They are responsible for maintenance of common areas, enforcement of community policies, and the collection of dues to perform those tasks.
- Home Equity Line of Credit (HELOC)
- Mortgage loan that is drawn against the equity available in a home. Also known as a HELOC, this program is a line of credit that is usually available after a home has risen in value a considerable amount, or when the original mortgage loan has a low principal balance and low interest rate.
MORTGAGE LOAN EXAMPLES: Home Equity Line of Credit
- Home Equity Loan
- See Home Equity Line of Credit (HELOC)
- Homebuyer Education Learning Program (HELP)
- Also known as HELP, it is an education program that is offered by the FHA to people who want to learn about homeownership and the homebuying process.
RELATED MORTGAGE TERMS: Federal Housing Administration (FHA)
- Homebuyer Protection Plan
- FHA plan that intended to protect homebuyers against property defects by placing requirements for becoming an appraisal and for writing appraisal reports.
RELATED MORTGAGE TERMS: Appraisal
- Homeowner
- Individual that owns a home.
- Homeowner Equity
- See Equity
- Homeowners Insurance
- See Property Insurance
SIMILAR MORTGAGE TERMS: Hazard Insurance
- Housing Bank
- Mortgage loan where the lender is a government bank or other government affiliated agency. Housing banks are not existent in the United States but are prominent in developing countries throughout the world.
- Housing Bubble
- Phrase given to describe the phenomenon of rapid increases in housing prices for particular geographic areas across the United States. Such increases in housing prices are said to have occurred due to the mere expectation that prices will continue to rise. Some critics of the housing bubble warn that housing prices may fall once the "bubble" pops.
- Housing Expense
- See Monthly Housing Expense
- Housing Expense Ratio
- Percentage of gross income that is applied toward monthly housing expenses.
RELATED MORTGAGE TERMS: Gross Income|Monthly Housing Expense
- Housing Financial Discrimination Act of 1977
- Act declaring it is illegal to consider racial, ethnic, religious or national origin in a decision to provide financial assistance. In terms of a mortgage loan, a disclosure notice is usually distributed to a potential borrower for them to acknowledge, sign, and return during the application process.
RELATED MORTGAGE TERMS: Disclosures
- Housing Investment
- Investment amount into a property that is used for any additions or upgrades.
- Housing Obligation
- See Monthly Housing Expense
- HUD
- US Department of Housing and Urban Development that was established in 1965 to create better living situations for Americans by addressing housing needs and enforcing federal housing laws.
- HUD1 Statement
- Document presenting the breakdown of all closing costs that is signed by both the buyer and the seller at the closing of a mortgage loan or sale of a home.
RELATED MORTGAGE TERMS: Closing Costs
MORTGAGE LOAN EXAMPLES: HUD1 Statement
- HVAC
- Acronym that is mentioned in regard to a home's heating and cooling systems standing for Heating, Ventilation, and Air Conditioning.
- Hybrid ARM
- Mortgage loan program that includes components from a combination of both adjustable rate mortgages and fixed rate mortgages. Hybrid ARMs are also known as 2/28s, 3/27s, and other similar names where the first years of the loan may have a fixed interest rate which then converts to the current market periodically for the remaining term of the mortgage.
MORTGAGE LOAN COLLECTION
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