Glossary

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hazard insurance

A policy of insurance between an insured and an insurer, to compensate the insured for loss of property due to hazards (fire, hail damage, etc.)

hold harmless

A promise to pay any costs or claims which may result from an agreement so that the other party does not incur any damages or costs as a result of the agreed to action.

home equity loan

A loan secured by the equity in property. Often it is revolving debt, so that the borrower may borrow the money, repay the debt and then reborrow, up to the maximum credit limit.

home warranty

A service contract that covers a major housing system for a period of time from the date a house is sold.

homeowners' association (HOA)

An organization comprising of all property owners within a development, to manage the common areas of the development, enforcing any covenants, conditions & restrictions, and collection of HOA dues.

homeowners' insurance

An insurance policy designed to protect homeowners from financial losses related the ownership of real property. In addition to covering losses due to vandalism, fire, hail, etc. (hazard insurance), most policies also provide theft and liability coverage.

Housing and Urban Development, Department of (HUD)

The U.S. Department of Housing and Urban Development. This is the agency responsible for enforcing RESPA.

HUD-1

Specific type of settlement statement, the form of which has been determined by HUD. Must be used whenever a federally insured mortgage is involved in a transaction.

These terms and their presence on this site are not intended as, nor should they be used as, legal advice. You should always obtain advice from a licensed attorney for all legal matters.