Mortgage and Real Estate Terms Sorted Alphabetically:
H - home equity, home improvement loan, Home Mortgage
Disclosure Act (HMDA)…more
HOME EQUITY - the part of your home that you own
outright; right now. That is, the difference between
its appraised value and the balance of your mortgage.
Using that "equity" for a loan has been
commonly called a "second
mortgage" for years; today's term more accurately
- a home
equity loan.
HOME IMPROVEMENT LOAN - a mortgage to finance an
addition to or rehabilitation of a residence.
HOME MORTGAGE DISCLOSURE ACT (HMDA) - Federal legislation
which requires certain types of lenders to compile
and disclose data on where their mortgage and home
improvement loans are being made.
HOMEOWNERS ASSOCIATION (HOA) - a nonprofit organization
that manages the common areas and services of a planned
unit development (PUD) or condominium project. In
a condominium project, it has no ownership interest
in the common areas; in a planned unit development
it holds title to common areas.
HOMEOWNER'S POLICY - a multiple peril insurance policy
available to owners of private dwellings, which covers
the dwelling and its contents as well as personal
liability.
HOMEOWNERS WARRANTY PROGRAM (HOW) - an insurance
program through which participating builders provide
home buyers with a warranty on the workmanship and
materials of a home and warrant against major structural
defects.
HOMESTEAD ESTATE - in some states, a statutory exemption
which prohibits the attachment or sale of owner-occupied
properties, to pay the claims of creditors.
HOUSING EXPENSE RATIO - the relationship of a borrower's
monthly payment obligation on housing (principal,
interest, taxes, insurance and other applicable housing
expenses) divided by gross monthly income, expressed
as a percentage - also called the top ratio or front
end ratio.
HUD-1 UNIFORM SETTLEMENT STATEMENT - the standard
form used to disclose costs of closing. All charges
imposed in the transaction must be disclosed separately,
and in detail.
Mortgage Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
Mortgage
Glossary
A
- adjustable rate mortgage, adjustment interval, amortization,
annual percentage rate (APR) - more
B
- balloon mortgage, bankruptcy, basis point, beneficiary
- more
C
- caps, cash flow, cash out (second mortgage), cash
out refinance - more
D
- debt consolidation, debt service, debt reduction
plan, debt-to-income ratio - more
E
- earned and unearned income, earnest money, easement,
economic life - more
F
- Fair Credit Reporting Act, fair market value, Fannie
Mae - more
G
- good faith estimate, grace period, gradual payment
mortgage (GPM), grantee - more
H
- home equity, home improvement loan, Home Mortgage
Disclosure Act (HMDA) - more
I
- index, in file credit report, inflation, initial
interest rate, ingress and egress - more
L
- lender buy-down mortgage, liability insurance, LIBOR,
loan application - more
M
- manufactured home, market value, maximum loan amount,
mechanic's liens - more
N
- negative amortized (Neg/AM), Neg AM Loans, negative
cash flow, net worth - more
O
- obsolescence, off-site improvements, on-site improvements,
ordinary income - more
P
- par, partial payment, partnership, party wall, payment
shock - more
Q
- quality control, quit claim deed, quote - more
R
- rate shopper, real property, real estate loans,
reconciliation - more
S
- sales contract, satisfaction or mortgage, seasoned
mortgage, second mortgage - more
T
- tax lien, tenancy in common, tenant, term, title,
title insurance - more
U
- underwriting, unencumbered property, uniform commercial
code (UCC)ï -more
V
- VA (Department of Veterans Affairs) Mortgage, vacancy
rate, VA funding fee - more
