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Real Estate Terms starting with (H)

The Following are real estate terms and topics: Starting With the Letter (H)

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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….

Real Estate Terms H

Real Estate Terms H

Hazard insurance
a form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.

Home Equity Conversion Mortgage (HECM)
Loans made to older owners who want to convert equity into money. Because borrowers are qualified on the basis of the value of their home, e, the loan is not the same as a home equity loan. Also known as reverse mortgages.

Home equity line of credit
This is a line of credit taken out by the borrower using the equity in their home as collateral. The borrower writes checks up to the limit that is on the line. If the borrower fails to repay the loan, the institution has access to the home for repayment of the debt.

Home inspection
An examination of the structure and mechanical systems to determine a home’s safety; makes the potential homebuyer aware of any repairs that may be needed.

Homekeeper
Fannie Mae’s adjustable-rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select.

Homeowners’ association
Organization of property owners in a residential condominium or subdivision development, usually authorized by a declaration of restrictions to establish property design and maintenance criteria, collect assessments and manage common areas.

Homeowner’s insurance
An insurance policy that combines protection against damage to a dwelling and Is contents with protection against claims of negligence or inappropriate action that result in someone’s injury or property damage.

Homeowner’s warranty (HOW)
A warranty program offered by a division of the National Association of Home Builders through certain builders. The program sets standards for construction and requires warranties ranging from one to ten years in duration on everything from minor defects in workmanship to major structural problems.

Homestyle Mortgage Loan
A mortgage that enables eligible borrowers to obtain financing to remodel, repair, and upgrade there existing homes or homes that they are purchasing.

Housing expense ratio
The ratio of housing expense to borrower income, which is used (along with the total expense ratio and other factors) in qualifying borrowers. See qualification requirements.

HUD median income
Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).

HUD-1 statement
Also referred to as a “closing statement” or “settlement sheet.” A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include commissions, loan fees, points and initial escrows.

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