Mortgage Dictionary for words that start with letter H
hazard insurance - Insurance protecting against loss to real estate caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.
Hazard Insurance - Insurance on a property against damages caused by fire, wind storms, and similar risks.
Heirs and Assigns - One who might inherit or succeed to an interest in a property under the rules of law applicable when a property owner dies.
Holographic Will - Will written in the testator's handwriting and not witnessed.
Homeowner's or Maintenance Fees - Payments made by property owner (s) of a condominium or a unit in PUD to the homeowners' association for expenses incurred in upkeep of the common areas.
Homeowner's Policy - Policy which expands the insurance for a homeowner. It may include theft, liability, earthquake, etc.
Homeowners Association - An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.
Homestead - Tract of land occupied as a family home.
Housing and Urban Development (HUD) - The federal government agency that oversees FHA.
housing ratio - The ratio of the monthly housing payment in total (PITI - Principal, Interest, Taxes, and Insurance) divided by the gross monthly income. This ratio is sometimes referred to as the top ratio or front end ratio.
HUD - The U.S. Department of Housing and Urban Development.
HUD 1 - A closing document required by HUD that outlines the settlement cost of a loan. The closing agent generally prepares the document and buyer receives it shortly after the loan is closed.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.