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- Hazard Insurance:
Also called Homeowners Insurance. A form of insurance coverage, which compensates
the insured for property loss or damage.
- Home Equity Line of Credit:
An open-end loan, usually recorded as a second mortgage, that permits borrower
to obtain cash advances based on an approved line of credit.
- Home Improvement Loan:
Mortgage to finance an addition to or rehabilitation of a residence.
- Home Inspection Report:
A qualified inspector's report on a property's overall condition, including an
evaluation of both the structure and mechanical systems.
- Home Mortgage Disclosure Act (HMDA):
Federal legislation that requires certain types of lenders to compile and disclose
data on where their mortgage and home improvement loans are being made.
- Home Warranty Plan:
Protection against failure of mechanical systems within the property, including
plumbing, electrical, heating systems and installed appliances.
- Homeowners Insurance:
Insurance carried by the homeowner to protect the dwelling against fire and other
hazards.
- Housing Ratio:
Also called Payment-to-Income Ratio or Front-End Ratio. The ratio of the monthly
housing payment to total gross monthly income.
- HUD- 1 Uniform Settlement Statement:
Standard form used to disclose costs at closing.
- Hybrid Mortgage:
A mortgage that combines some attributes of a fixed rate mortgage with attributes
of an adjustable rate mortgage.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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