H Mortgage Terms | Oconee County Real Estate
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Home
Equity Conversion Mortgage (HECM)
A special type of mortgage that enables older home owners
to convert the equity they have in their homes into
cash, using a variety of payment options to address
their specific financial needs. Unlike traditional home
equity loans, a borrower does not qualify on the basis
of income but on the valued of his or her home. In addition,
the loan does not have to be repaid until the borrower
no longer occupies the property. Sometimes called a
Reverse Mortgage.
Home Equity Line of Credit
A loan providing you with the ability to borrow funds
at the time and in the amount that you choose, up to
a maximum credit limit for which you have qualified.
Repayment is secured by the equity in your home. Simple
interest (interest-only payments on the outstanding
balance) is usually tax-deductible. Often used for home
improvements, major purchases or expenses, and debt
consolidation.
Home Equity Loan
A fixed or adjustable rate loan obtained for a variety
of purposes, secured by the equity in your home. Interest
paid is usually tax-deductible. Often used for home
improvement or freeing of equity for investment in other
real estate or investment. Recommended by many to replace
or substitute for consumer loans whose interest is not
tax-deductible, such as auto or boat loans, credit card
debt, medical debt, and education loans.
Home Inspection
A thorough inspection that evaluates the structural
and mechanical condition of a property. A satisfactory
home inspection is often included as a contingency by
the purchaser. Contrast with Appraisal.
Homeowners Association
A nonprofit association that manages the common areas
of a planned unit developmnt (PUD) or condominium project.
In a condominium project, it has no ownership interest
in the common elements. In a PUD project, it may hold
title to the common elements.
Homeowners Insurance
Insurance that protects the homeowner from "casualty"
(losses or damage to the home or personal property)
and from "liability" (damages to other people or property).
It is required by the lender and the premium is usually
included in the monthly mortgage payment.
Homeowner's Warranty (HOW)
A type of insurance that covers repairs to specified
parts of a house for a specific period of time. It is
often provided by the builder or property seller as
a condition of the sale.
Housing Expense Ratio
The percentage of gross monthly income that goes toward
paying housing expenses.
HUD
I Settlement Statement
A form utilized at loan closing to itemize the costs
associated with purchasing the home. Used universally
by mandate of HUD (the Department of Housing and Urban
Development).
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