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H

Hard Money Loans

Hard Money Loans, also known as private money loans, are usually made by private, non-banking organizations which are generally secured by real estate and command interest rates higher than what a typical bank would require because they usually carry more risk.  Even though Hard Money Loans may be more expensive than traditional financing, they offer competitive advantages such as: 1) greater flexibility in structuring loan terms to better fit borrower’s needs, 2) quick turnaround times, and 3) less reliance on income verification and credit scores.

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. Also known as homeowner's insurance.

HOA

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. HOA stands for Homeowner's Association.

Home Warranty

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.

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 Improvement

Repairs and/or additions made to better the status of the permanent structure of the primary residence.

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.

Home Ownership

An owner-occupier is a person who lives in a house that he or she owns. Owner-occupancy is therefore also called home ownership.

Housing Expense Ratio

The percentage of gross monthly income that goes toward paying housing expenses.

Housing Starts

An economic indicator, the number of dwelling units (including apartments) on which construction is begun in a given period of time.

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."

HVAC

Heating, Ventilation and Air Conditioning; a home's heating and cooling system.

Hybrid Loan Program

A mortgage that combines some attributes of fixed rate mortgages with other attributes of adjustable rate mortgages. Eg a loan which is fixed for 5 years but then reverts to an ARM.