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Mortgage Glossary

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Hazard Insurance Protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer
Home Equity Loan A loan secured by the equity in a property. These are sought for a number of reasons, including home improvements, major purchases or expenses and debt consolidation
Homeowners Warranty A type of insurance that covers repairs to specified parts of a house for a specific period of time
Housing and Urban Development- HUD A government agency established to implement federal housing and community development programs; Oversees the Federal Housing Administration (FHA)
Housing Expense Ratio The percentage of gross monthly income budgeted to pay housing expenses.
HUD-1 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.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM) A combination fixed rate and adjustable rate loan - also called 3/1,5/1,7/1 - can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move or refinance, before or shortly after, the adjustment occurs.


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