REAL ESTATE 101
Real Estate Glossary - H
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
High-Ratio Mortgage
A mortgage that exceeds 75% of the home's appraised value. These mortgages must be insured for payment.
Holdback
An amount of money withheld by the lender during the progress of construction of a house to ensure that construction is satisfactory at every stage.
Home Equity Loan or Line of Credit ("revolving loan")
A type of loan that is secured against a property and allows the owner to borrow and repay money at his or her leisure. Periodic payments of at least accumulated interest are required but the loan is fully open: may be paid out in whole or in part at any time and, if there is still money available under the loan ceiling, the borrower may take more money for her use.
Home Improvement Loan
A loan made for the purposes of making improvements to a property.
Home Inspection
The written statement of the results of the inspection of a given property by a professional home inspector. Will show problems and potential problems with the property not always visible to an average purchaser (i.e. a deteriorating roof, an ancient furnace, termites, wood rot, basement seepage). Many purchasers make their offer to purchase conditional upon obtaining a satisfactory Home Inspection report.
Homeowner's (Homestead) Tax Exemption (USA)
A tax break for home owners offered in certain jurisdictions which sees property tax assessments reduced by a certain percentage as a result of the fact that the taxpayer resides in the property. May require evidence of the status of ownership to be filed periodically with taxing authority.
HUD
See Deparment of Housing and Urban Development
|
