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Home equity loan
Home equity loan A loan (sometimes called a line of credit) under which a property owner uses his or her residence as collateral and can then draw funds up to a prearranged amount against the property.
RELATED TERMS--------------------------------------
Loan
A sum of borrowed money (principal) that is generally repaid with interest.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Collateral
In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.
Draw
A payment, made periodically, to a construction contractor or subcontractor as work progresses. A draw is part of a construction loan.
SIMILAR TERMS--------------------------------------
Home Buyer’s Report
A property survey. More detailed than a valuation report - should itemize problems and major defects. Not as in depth as a full structural survey.
Home Energy Rating System (HERS)
A standardized system for rating the energy efficiency of residential buildings.
Home equity
The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.
Home Equity Conversion Mortgage (HECM)
Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you.
Home equity line of credit
A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.
Home expense to income ratio
A ratio expressed as a percentage that is used by the mortgage industry to determine a borrower's qualification for a loan. It is calculated by dividing the borrower's total monthly housing expenses by his or her gross monthly income.
Home inspection
A thorough inspection by a professional that evaluates the structural and mechanical condition of a property.
Home Mortgage Disclosure Act (HMDA)
Enacted by Congress in 1975 and implemented by the Federal Reserve Board's Regulation C, a federal law that requires lenders with federally related loans to disclose to the Federal Reserve the number of loan applications and loans made in different parts of their service areas.
Home Ownership and Equity Protection Act
A federal law designed to discourage predatory lending in mortgages and home equity loans.
Home rule
The power of a local government to adopt its own land-use regulations.
Home warranty
Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance.
Home warranty insurance policy
An insurance policy that insures against plumbing, electrical, heating, and major appliance problems for the term of the policy.
Homekeeper
Fannie Mae's adjustable rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select.
Homeowner instructions
Instructions given to a property owner by a listing broker that advise the owner of cleaning and repairs that will improve the appearance and increase the value of a listed property.
Homeowner's Association
An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.
Homeowner's guide to earthquake safety
A document produced by the State of California Seismic Safety Commission intended to help inform homeowners on earthquake safety issues in homes.
Homeowner's insurance
An insurance policy protecting against a variety of hazards.
Homeowner's insurance policy
A standardized package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability and other common risks.
Homeowner's or maintenance fees
Payments made by property owner (s) of a condominium or a unit in PUD to the homeowners' association for expenses incurred in upkeep of the common areas.
Homeowner's policy
Policy which expands the insurance for a homeowner. It may include theft, liability, earthquake, etc.
Homeowner's warranty
A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period.
Homeowners' association
Homeowners' association is a nonprofit association managing the common areas of a planned unit development (PUD) or condominium project.
Homestead
Tract of land occupied as a family home.
Homestead exemption
The amount of homestead protection from unsecured creditors—$50,000 for single persons, $75,000 for families, $100,000 for persons 65 years of age, and $100,000 for disabled persons unable to work.
Homesteading
A document that to protects some of a home's equity from lawsuits.
PREVIOUS AND NEXT TERMS--------------------------------------
Home Buyer’s Report
A property survey. More detailed than a valuation report - should itemize problems and major defects. Not as in depth as a full structural survey.
Home Energy Rating System (HERS)
A standardized system for rating the energy efficiency of residential buildings.
Home equity
The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.
Home Equity Conversion Mortgage (HECM)
Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you.
Home equity line of credit
A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.
Home equity loan
Home expense to income ratio
A ratio expressed as a percentage that is used by the mortgage industry to determine a borrower's qualification for a loan. It is calculated by dividing the borrower's total monthly housing expenses by his or her gross monthly income.
Home inspection
A thorough inspection by a professional that evaluates the structural and mechanical condition of a property.
Home Mortgage Disclosure Act (HMDA)
Enacted by Congress in 1975 and implemented by the Federal Reserve Board's Regulation C, a federal law that requires lenders with federally related loans to disclose to the Federal Reserve the number of loan applications and loans made in different parts of their service areas.
Home Ownership and Equity Protection Act
A federal law designed to discourage predatory lending in mortgages and home equity loans.
Home rule
The power of a local government to adopt its own land-use regulations.
This dictionary contains 6433 terms. |
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