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Glossary

TermDefinition
Hazard InsuranceA form of insurance that protects the owner of the insured property against losses from physical damage such as fire and tornadoes. Mortgage lenders often require a borrower to maintain an amount of hazard insurance on the property that is equal at least to the amount of the mortgage loan.
Home Equity LoanA mortgage on the borrower's principal residence, usually for the purpose of making home improvements or debt consolidation.
Home InspectionA thorough review of the physical aspects and condition of a home by a professional home inspector. This inspection should be completed prior to closing so that any repairs or changes can be completed before the transfer of the home is completed.
Homeowners InsuranceA form of insurance that protects the owner of the insured property against loss from theft, liability and most common disasters.
Housing Affordability IndexAn index that indicates what proportion of homebuyers can afford to buy an average-priced home in specified areas. The most well known housing affordability index is published by the National Association of Realtors.
Housing and Urban Development (HUD)HUD is the Federal agency responsible for national policy and programs that address America's housing needs, that improve and develop the Nation's communities, and enforce fair housing laws.

HUD's business is helping create a decent home and suitable living environment for all Americans, and it has given America's communities a strong national voice at the Cabinet level. HUD plays a major role in supporting homeownership by underwriting homeownership for lower- and moderate-income families through its mortgage insurance programs.
Housing Expenses-to-income RatioSee also: Debt-to-Income Ratio
HUDSee also: Housing and Urban Development
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Last Modified: 6/13/2016 3:11 PM