Glossary of
FinanciaI & Real Estate Terms
Index of Terms | Complete List of Terms
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Hard-Money Mortgage : Cash loan to a borrower.
Hazard Insurance : In case there is a loss due to fire or natural calamity an individual is assured protection. This is done in exchange for a premium which is paid to the insurer.
Home Equity Conversion Mortgage (HECM) : A mortgage that provides that the lender makes payments to the individual, instead of the individual making payments to a lender. It allows older homeowners to convert home equity into cash, in the form of monthly payments. Borrowers do not qualify on the basis of income, but on the value of his or her home. The loan does not have to be repaid until the borrower no longer occupies the property.
Home Equity Line of Credit : This is a credit line which is fixed once your home loans are paid in full. This has got a high credit limit which an individual can take loan from as and when required. It is somewhat similar to a credit card.
Home Equity Loan : Home equity loan is a loan based on the amount of equity a homeowner has in the property. The interest paid on a home equity loan is usually deductible. Unlike a home equity line of credit (HELOC), the home equity loan features a fixed rate, payment and term, usually five to 15 years.
Home Inspection : A thorough assessment by a professional regarding the structural and mechanical condition of a property.
Homestead : The principle place of residence of a debtor whether a house, apartment, condo or any other.
Homeowner's Insurance : An insurance policy that combines personal liability insurance and hazard insurance for a home and its contents.
Homeowner's Warranty : An insurance policy that is purchased by a buyer, or may be provided by a seller, that covers certain home repairs, should they be necessary over a certain period.
Housing Ratio : The ratio of the monthly housing payment to total gross monthly income. Also called Payment-to-Income Ratio or Front-End Ratio.
HUD : Department of Housing and Urban Development who regulates Fannie Mae and Ginny Mae.
Hybrid Financing : The joining together of two forms of finance, such as combining a convertible loan with a participation loan, under which the lender has the right at loan maturity to convert the debt to a 50% ownership in the property.
A | B | C | D | E | F | G | H | I | J | L | M
N | O | P | Q | R | S | T | U | V | W | Z
Index of Terms | Complete List of Terms
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