Home Buying Resources

Glossary of Terms

We have compiled a list of the most common real estate terms and definitions to assist you in your search for a home. Whether you are a buyer or seller of real estate, it is easy to get confused by the language used in real estate transactions. With our comprehensive real estate glossary, you can easily navigate through the complicated world of buying and selling a home.

 

Click in the letter below to see the glossary

A : B : C : D : E : F : G : H : I : J : K : L : M : N : O : P : Q : R : S : T : U : V : W : X : Y : Z

H


home equity conversion mortgage
Also known as a reverse annuity mortgage. It allows home owners (usually older) to convert equity in the home into cash. Normally paid by the lender in monthly payments. HECM's typically don't have to be repaid until the borrower is no longer occupying the home.
home equity line of credit
A special kind of loan (also known as a "revolving loan") which is secured against a property and allows the owner to borrow and repay money at his or her leisure. Periodic payments of at least accumulated interest are required, but the loan is fully open, meaning it may be paid out in whole or in part at any time.
home equity loans
A loan made to a homeowner which is secured by a mortgage on the property. The lien of the mortgage may be in a first or second position, and may bear interest at fixed or adjustable rates.
home inspection
An examination of a home's construction, condition, and internal systems by an inspector or contractor prior to purchase. The inspection by a professional of a piece of improved property to ascertain its condition. Scope of the inspection should be determined by the buyer and his or her agent. Not all home inspections include roof, foundation or septic inspections.
home warranty
A type of insurance that covers repairs to certain parts of a house and some fixtures.
homeowners' association
An association of homeowners in a particular subdivision, planned unit development (PUD), or condominium organized to manage the common area of the development and to enforce the association rules and regulations.
homeowner's insurance
An insurance policy that combines liability coverage for a homeowner with hazard insurance to protect the home from wind, fire, vandalism, and other hazards.
HUD
The US Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.