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Glossary
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News and Resources
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- 08/18/2010
-Mortgage Network Expands Across Mid-Atlantic Region Read More- 07/22/2010
-John Holian Joins Northeast Association of Retarded Citizens Board for Second Term Read More- 07/22/2010
-Mortgage Network Hosts Charity Golf Tournament & Casino Night to Benefit Friends Of Ari Shumbres Read More- 07/01/2010
-Mortgage Rates Again Hit New Low Read More- 07/01/2010
-Mortgage Loan Rates Fall to New Low Read More - 08/18/2010
“Our family moved from Michigan to New Castle this past summer and we chose Kirk Todd of Mortgage Network over other mortgage lenders because his approach, to what can be a confusing and nerve-wracking process, was direct, concise, creative and extremely professional… Kirk offered numerous mortgage options/rates that we had not considered and our family would highly recommend Kirk Todd (and Mortgage Network) to anyone looking for a pain-free borrowing experience.”
–Bruce & Lisa | Customer
Glossary
We’ve put together an extensive glossary of terms used in the mortgage lending business. If you’re not sure what a particular term means, click to find the definition in our glossary.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
H
- Homeowner's Insurance (hazard insurance)
- Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards. The policy typically combines personal liability insurance and property hazard insurance coverage for a dwelling and its contents. See also homeowner's insurance.
- Home Equity Line of Credit (HELOC)
- A mortgage loan, which is usually in a subordinate position, that allows the borrower to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in a property.
- Home Inspection
- A thorough inspection that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. Contrast with appraisal.
- Homeowners' Association
- A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements. See also master association.
- Homeowner's Insurance
- Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards. The policy typically combines personal liability insurance and property hazard insurance coverage for a dwelling and its contents.
- Homeowner's Warranty (HOW)
- A type of insurance that covers repairs to specified parts of a house for a specific period of time. It may be provided by the builder or property seller as a condition of the sale but homeowners can also purchase it.
- Housing Expense Ratio
- The percentage of gross monthly income that goes toward paying housing expenses.
- 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 Settlement Statement
- A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD). The HUD-1 statement is also known as the "closing statement" or "settlement sheet."