Get real estate terminology and get the words that will make you money.
This is a type of insurance which is used to cover any physical harm which may occur to a property.
Home Equity Conversion Mortgage (HECM):
This is a mortgage which is used to convert home equity into cash, it is only available to the elderly property owners.
Home Equity Line of Credit (HELOC):
This is a revolving loan which allows the owner of the property to keep hold of a certain amount of loan payments, this is only unto the value which is equal to an agreed percentage.
This is an inspection which is carried out on a property to ensure that it is of a decent quality. It will involve checking all features of the house such as the roof, electrics, plumbing and other important elements of the property.
This is insurance that will protect both the borrower and lender from natural disasters which may affect the property. It will also cover any damage to the house itself or any injuries that may occur to people visiting the property.
Homeowner’s Warranty (HOW):
This is insurance that is available to a seller of a property that will provide cover for any repairs over a certain amount of time that is agreed in the cover.
This is a group of people within a single area who agree to maintain services that provide some form of benefit to the homeowners within the area.
Housing Expense Ratio:
This is the value of monthly income that is used to pay for costs from the property you own.
HUD-1 Settlement Statement:
This is a listing which features a list of all the final costs of closing a mortgage.
This is an ARM which features a fixed rate for a certain amount of time.
Real Estate Terminology H to Resources