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GLOSSARY
Half bath
A bathroom that contains a toilet and a sink.
Hard inquiry
An indication on a person's credit report that someone has asked for a copy of the individual's report. Hard inquiries happen as a result from a person applying for credit, such as a mortgage, a car loan, a credit card or a rental application.
Hazard insurance
An insuarance cover against natural and other hazards like fire, storm, vandalism, etc to physical property
HELOC
acronym for Home Equity Line of Credit
High-LTV equity loan
A home equity loan that creates a total loan-to-value ratio of up to 125 percent or more.
Historic structure
A building listed in the National Register of Historic Places and certified as historic by the U.S. Secretary of the Interior.
Home appraisal
A written analysis of the estimated value of your property. A professional appraiser who has training and insight into the marketplace prepares the appraisal report. This report helps determine your home's fair market value based on recent sales in your neighborhood.
Home appreciation
A term which describes the increase in market value of real estate, or the increase in value of your house or property.
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
Sometimes called a reverse mortgage, a mortgage which enables older homeowners to convert the equity in their homes into cash.
Home equity debt
Debt secured by your home. Home equity interest usually is deductible as an itemized deduction.
Home equity line of credit
A variation of a home loan, paid as revolving debt that is backed by the portion of the home's value that the borrower owns outright. Interest paid on a home equity line of credit can be used as a deductible. This credit allows the homeowner to write checks against the equity on an ongoing basis to pay for multiple expenses rather than one big sum.
Home equity loan
A loan based on the amount of equity a homeowner has in the property.
Home inspection
A thorough examination of the house's visible structural parts and mechanical systems made before purchase.
Home ownership and equity protection act
A federal law made to discourage predatory and unfair lending in mortgages and home equity loans.