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 Mortgage glossary: Letter H
 
Hazard Insurance A specific type of insurance that covers against certain destructive elements such as fire, wind, and hail. It is usually an addition to homeowners insurance, but every home loan has a hazard rider.

Hold-Back A contingency fund associated with a construction or remodel. It covers any change orders that might occur during the process. A change order is what happens when you simply change your mind. The hold-back helps pay for the change when changing your mind costs more than the loan. A typical hold-back amount is 10 percent of the original loan.

Home Equity Line of Credit (HELOC) HELOC is a credit line using a home as collateral. Customers write checks on this line of credit whenever they need to and pay only on balances withdrawn. It is much like a credit card, but secured by the property.

Homeowners Insurance An insurance policy that covers not just hazard items, but also other things, such as liability or personal property.

Hybrid Loan A cross between an ARM and a fixed rate loan. In a hybrid loan, the rate is fixed for a predetermined number of years before turning into an adjustable rate mortgage, or ARM.


 
 
 
 


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