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| Hazard Insurance | A contract between purchaser and an insurer, to compensate the insured for loss of property due to hazards (fire, hail damage, etc.), for a premium. |
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| Home Equity Line of Credit | A loan allowing you to borrow up to a certain amount at the time you choose, limited to the maximum credit limit for which you have qualified. Repayment is secured by the equity in your home. Simple interest (interest-only payments on the outstanding balance) is usually tax-deductible. Often used for home improvements, major purchases or expenses, and debt consolidation. |
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| Home Equity Loan | A fixed or adjustable rate loan that’s secured by the equity in your home. Often used for home improvement, or freeing equity for investment in other real estate or investments. Because interest paid is usually tax -deductible, it’s often recommended over conventional consumer loans, for which interest is not tax-deductible. Typical uses are loans for autos or boats, reducing credit card debt, medical bills, and tuition. |
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| Homeowner’s Insurance | A type of insurance that covers a homeowner against damages to his or her property. It also includes liability protection for lawsuits from people injured while on his or her premises. |
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| HUD I Settlement Statement |
A form used at loan closing to itemize the costs associated with purchasing the home. Used universally by mandate of HUD, the Department of Housing and Urban Development. |
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