Mortgage Glossary, Loan
Terms and Economic Terms for Interest Only Loans
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Mortgage Glossary - H Terms
HELP: Homebuyer Education Learning
Program; an educational program from the FHA that counsels people
about the homebuying process; HELP covers topics like budgeting,
finding a home, getting a loan, and home maintenance; in most cases,
completion of the program may entitle the homebuyer to a reduced
initial FHA mortgage insurance premium-from 2.25% to 1.75% of the
home purchase price.
Home inspection: an
examination of the structure and mechanical systems to determine
a home's safety; makes the potential homebuyer aware of any repairs
that may be needed.
Home warranty: offers
protection for mechanical systems and attached appliances against
unexpected repairs not covered by homeowner's insurance; ,overage
extends over a specific time period and does not cover the home's
structure.
Homeowner's insurance: an
insurance policy that .combines protection against damage to a dwelling
and Is contents with protection against claims of negligence or
inappropriate action that result in someone's injury or property
damage.
Housing counseling agency- provides counseling and assistance to
individuals on a variety of issues, including loan default, fair
housing, and homebuying.
HUD: the U.S. Department of
Housing and Urban Development; established in 1965, HUD works to
create a decent home and suitable living environment for all Americans;
it does this by addressing housing needs, improving and developing
American communities, and enforcing fair housing laws.
HUD1 Statement: also known as the "settlement sheet," it
itemizes all closing costs; must be given to the borrower at or
before closing.
HVAC: Heating, Ventilation
and Air Conditioning; a home's heating and cooling system.
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