APPLY
NOW / LOGIN
GLOSSARY
Home warranty
A policy that guarantees workmanship on construction of a home and the operations of some appliances, and covers repairs for a limited time period.
Homeowner's insurance
A policy that includes hazard coverage, loss or damage to property, as well as coverage for personal liability and theft.
Homestead
The place where one puts their home and is protected by law against forced sale to meet debt.
Household income
The total income of all members of a household. An important calculation when applying for a joint credit situation.
Housing discrimination
Illegal practice of discriminating against buyers or renters of dwellings on the basis of race, color, religion, national origin, sex, family status or disability.
Housing expense ratio (or front end ratio)
The percentage of before-tax income that goes toward a monthly house payment. The rule of thumb is that it shouldn't exceed 28.
HUD
Housing and Urban Development. The U.S. government agency established to govern federal housing and community development programs. HUD oversees the Federal Housing Administration (FHA).
HUD-1 statement
A document prepared by a closing agent with an itemized listing of closing costs including escrow deposits for taxes, commissions, loan fees, hazard insurance, and mortgage insurance payable at the closing of the property. Also called closing statement or settlement sheet.
HVAC
Heating, Ventilation and Air Conditioning; a home's heating and cooling system.
- « Previous
- 1
- 2
- Next »