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Loanfactz DefinitionsGlossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
Half time student A student who is not a full time student, who is enrolled in a school that participates in the FFEL program or the FDLP, and who is carrying an academic workload that is considered at least one half the workload of a full time student (as determined by the school). Hazard Insurance Homeowner's insurance or fire insurance, hazard insurance covers physical risks such as those from fire or wind. Usually required by lenders for the full replacement value. HELOC Stands for Home Equity Line of Credit. A Home Equity Line of Credit is an open end line of credit you use to borrow against the equity in your home, which requires you to use your home as collateral. Most loan amounts are limited to 75 or 80 per cent of the appraised value. Withdrawals can be made at any time with the guidelines. More about Home Equity Line of Credit HELP HELP stands for Homebuyer Education Learning Program, an educational program from the FHA that counsels people about the homebuying process. HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance. In most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium from 2.25% to 1.75% of the home purchase price. Home Affordability Index Measure of the typical U.S. family's ability to buy a home, published by the National Association of Realtors. When the Index measures 100, a family earning the median income has exactly the amount needed to purchase a median-priced, previously owned home, using conventional financing and a 20% down payment. Some experts maintain that every one-point increase in the home mortgage interest rate results in 300,000 fewer home sales. Home Equity Conversion Mortgage Also known as reverse mortgage, this loan is made to older owners to convert their equity into money. Borrowers are qualified on the basis of the value of their homes. This is not the same as a home equity loan. More about Reverse Mortgage Home Equity Line of Credit (HELOC) An open end line of credit you use to borrow against the equity in your home, which requires you to use your home as collateral. Most loan amounts are limited to 75 or 80 per cent of the appraised value. Withdrawals can be made at any time with the guidelines. Home Equity Loan Loan allowing owners to borrow against their equity in the home, usually a second mortgage. Home Equity Loan Consumer Protection Act of 1988 Requires creditors to provide consumers with detailed information about open end credit plans secured by the consumer's home. Also regulates advertising of home equity loans and restricts the terms of home equity loan plans. Home Improvement Loan Loan used to pay for major remodeling, reconstruction or additions to the home, usually a second mortgage. Home Loan Also known as a mortgage, it is a lien that makes property security for the repayment of a debt, such as the one incurred upon purchase of that home. Home Mortgage Disclosure Act (HMDA) of 1975 Requires mortgage lenders to annually disclose to the public loan data about the geographic distribution of their applications, originations, and purchases of home purchase and home improvement loans and refinancings. It requires lenders to report data on the ethnicity, race, sex, income of applicants and borrowers, and other data. It also directs the Federal Financial Institutions Examination Council, of which the Federal Reserve is a member, to make summaries of the data available to the public. Home Ownership and Equity Protection Act (HOEPA) of 1994 Provides additional disclosure requirements and substantive limitations on home equity loans with rates or fees above a certain percentage or amount. Amended the Truth in Lending Act. More about HOEPA Homeowners Association (HOA) A Homeowners Association (HOA) is an association governed by the homeowners within a private community for the purpose of maintaining, protecting and preserving that community. The homeowners elect board of directors who are responsible for enforcing the covenants, conditions, and restrictions (CCRs) of that community. This is a way to preserve quality of the area, maintain property values and enhance resale values. More about Homeowners Association (HOA) Homeowners Insurance Policy Type of insurance policy covering the risks of homeowners, including damage, theft, fire, personal liability, etc. Homeowners Protection Act (HOPA) of 1998 Also known as the PMI (Private Mortgage Insurance) Cancellation Act, establishes rules for automatic termination and borrower cancellation of private mortgage insurance (PMI) on home mortgages and requires that they receive informative disclosures of their rights. More about Homeowners Protection Act Homeowners Warranty Special insurance covering certain home repairs for a specified amount of time. Homeowners Warranty Program Private insurance program, which protects purchasers of newly, constructed homes against structural and mechanical defects and provides reimbursement for the cost of remedying the situation, if the builder does not do so. Housing Discrimination Illegal practice of denying the right to buy or rent a home to an individual based on race, religion, color, national origin, sex, disability or family status. Housing Expense Ratio Percentage of gross monthly income devoted to housing costs. HUD HUD stands for the United States Department of Housing and Urban Development. More about HUD |
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