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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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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.
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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
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 lien…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)…more
V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
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