Glossary results for: H
Home Affordable Refinance Program
Through the Home Affordable Refinance Program, also referred to as HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.
Home Equity
Home Equity is the real market value of a property minus the outstanding balance of all liens on the property. The equity increases as the payments are made resulting in a lower balance or as the property value appreciates.
Home Equity Conversion Mortgage
Home Equity Conversion Mortgage (HECM) is a loan available to seniors and is administered by the FHA and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner’s obligation to repay the loan is deferred until the owner dies.
Home Equity Line Of Credit
Home Equity Line of Credit (HELOC) is a loan in which the bank issues a line of credit against the equity of your home. The time frame of this loan is between 5-25 years. Repayment is of the amount drawn plus interest.This revolving line of credit often has an adjustable interest rate.
Home Equity Loan
A Home Equity Loan is a type of loan in which the borrower uses the equity that they have in their home as collateral on a new loan. This reduces the amount of equity the borrower has in his home. These loans are commonly used for home repairs or additions, but may also be taken [...]
Home Loan
A Home Loan or mortgage loan is to borrow money to purchase a home with the legal obligation to repay the loan as well as interest to the lender. A lien is placed on the home to secure the property until the home loan is paid in full.
Home Refinancing
Home refinancing is to take out a new mortgage on a home and using that money to pay off the existing mortgage. Refinancing is popular with people seeking lower interest rates, lower monthly payments or for borrowers seeking to borrow additional money to pay off personal debt such as credit card debt or medical bills.
Home Valuation Code of Conduct
The Home Valuation Code of Conduct, also known as the code was put into place to add protection to home buyers, investors and the housing market in general. It is used to enhance the accuracy of the appraisal process.
Home Value
Home Value is the amount of money your home may be worth if sold. The value is determined by many factors including the comparable values of other homes in the area, a formal property Getting an appraisal from a professional appraisal and getting a Comparative Market Analysis (CMA) from a real estate agent.
Homebuyer Tax Credit
The Homebuyer Tax Credit is a tax credit of up to $8,000 that is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
Homeowners Insurance
Homeowners Insurance is insurance purchased by the homeowner to protect the property and assets from various natural disasters, vandalism and other liabilities (based on type of insurance policy purchased). Proof of Homeowners Insurance is required by the lender.
HOPE for Homeowners Program
The HOPE for Homeowners Program will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration (FHA).
Housing and Urban Development Form One
The Housing and Urban Development Form One (HUD1 Form) is a form received by the borrower at closing which shows all the borrowers mortgage payments and funds received between the lender and borrower.
Housing Bubble
The housing bubble is the significant increase in house prices fueled partly by assumptions unsubstantiated data and overzealous expectations that real estate prices will continue to rise .
Hybrid Adjustable Rate Mortgage
A Hybrid Adjustable Rate Mortgage (ARM) is identifiable by its changing interest rate. An Arm has 3 elements that affect its pricing structure (Starting rate, Prime or Treasury bill index and a Life cap). Typically adjustable rate mortgages have a lower starting rate to compensate for the possibility of the borrowers future rate increases, which [...]
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