|
|
 |
 |
|
|
Hazard
Insurance
A form of insurance in which the insurance
company protects the insured from specified
losses, such as fire, windstorm and the like.
Home Equity Line of Credit (HELOC)
Secondary financing that consists of a revolving
line of credit secured by a lien junior to
a mortgage.
Home Equity Loan
A loan in real estate property that is used
to secure or guarantee the amount borrowed.
Sometimes referred to as a second mortgage
or borrowing against your home. The loan allows
you to tap into your home's built-up equity,
which is the difference between the amount
your home could be sold for, and any claims
held against it. People often use a home equity
loan for home improvements or to pay for a
new car. A home equity loan is a good way
to borrow money for two main reasons. First,
the interest rate is usually one of the lowest
loan rates a borrower can get. Also, the interest
you pay on the loan is usually tax-deductible.
But taking out a home equity loan also means
the lender can take possession of the home
if the loan isn't repaid. This is why some
people decide to not borrow against their
home, and may decide to take out a personal
loan. But for many borrowers, a home equity
loan can be the best loan option. Your best
loan option is the loan that best meets your
needs.
Home Value models
Standard used to derive data from millions
of transactions; supported by property values
for hundreds of counties in all 50 states.
When you submit a conventional/conforming
transaction, the service automatically searches
Home ValueSM models to determine if it can
support the value of the transaction, based
on the loan's overall risk profile.
Housing Expenses-to-Income Ratio
The ratio, expressed as a percentage, which
results when a borrower's housing expenses
are divided by his/her net effective income
(FHA/VA loans) or gross monthly income (Conventional
loans).
HUD
U.S. Department of Housing and Urban Development.
Office of Housing/Federal Housing Administration
within HUD insures home mortgage loans made
by lenders and sets minimum standards for
such homes.
Top
of Page
|
|
|
|
|
|
|