2/20/2018

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 Mortage Definitions

Definitions (A)
Definitions (B)
Definitions (C)
Definitions (D)
Definitions (E)
Definitions (F)
Definitions (G)
Definitions (H)
Definitions (I)
Definitions (J & K)
Definitions (L)
Definitions (M)
Definitions (N)
Definitions (O)
Definitions (P & Q)
Definitions (R)
Definitions (S)
Definitions (T)
Definitions (U & V)
Definitions (W)
Definitions (X,Y & Z)
Mortgage Definitions

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Mortgage Definitions and Terms (H)

Hazard Insurance: An insurance coverage that protects real estate from destructive forces such as fire, vandalism, theft, and some natural elements such as wind, rain and hail.

Head Of Household: The person designated to be the one in charge of supporting, managing, and or speaking for, the family.

HELOC (Home Equity Line Of Credit): A home equity line of credit uses a borrowers home as security but it not the same as a conventional loan. The line of credit gives the borrower the option of using certain amounts of the money as he or she needs, similar to using a credit card, and to repay only the balances withdrawn from the account.

Highest And Best Use: To make sure that land is used to it's maximum potential and to promote it's highest value. This is usually accomplished by instituting zoning regulations.

HOA (Homeowner's Association): An association formed in certain housing developments or neighborhoods for the purpose of maintaining the properties in the area at current levels of repair or making improvements as seen fit. This usually requires the participation of all homeowners in the development and there are usually bylaws (rules and regulations) that are to be strictly followed. HOA dues are also assessed to each property and are expected to be paid on a periodic basis, usually monthly.

Hold-Back: A particular amount of money that is held back at the closing of an escrow until a certain condition or certain contingencies have been met.

Home: In real estate terms, a home is a house, condominium, apartment, or other dwelling places where an individual or a family lives.

Homeowner's Insurance: An insurance policy on real estate that covers personal liability and injury, fire, theft of personal property, vandalism, and certain natural destructive elements.

Homestead: The actual dwelling place, house and it's land, of a homeowner with certain exemptions and exclusions of certain liabilities that are incurred by the owner.

Home Warranty Insurance: An insurance offered to homeowners that covers plumbing, heating, electrical, and certain other systems in the property against defects for a certain period of time, usually for 1 year but sometimes up to 10 year. For additional costs, roofs, swimming pools, and other items can be covered as well.

House: In real estate, a house is a detached building that is used as a dwelling place or residence.

HUD (Department of Housing and Urban Development): HUD is a governmental agency that is responsible for the nation's housing programs, such as FHA, and it governs how lenders transact business with their customers.

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