HAZARD INSURANCE
A form of insurance that protects the insured from certain losses, such as fire, vandalism, storms and certain other natural causes. |
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HOME EQUITY LOAN
A revolving line of credit or loan based on the equity in the mortgagor's house. |
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HOME INSPECTION
A thorough assessment by a professional regarding the structural and mechanical condition of a property. |
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HOMEOWNERS INSURANCE
Required by all lenders to protect their investment. Must be obtained before closing, equal to the loan balance or the value of the home. |
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HOUSING RATIO
The ratio of the monthly housing payment to total gross monthly income. |
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HUD
The U.S. Department of Housing and Urban Development (HUD). Insures home mortgage loans made by lenders meet minimum standards for such homes. |
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