Taunya Fagan Real Estate Glossary and Dictionary of Real Estate Terms Beginning With "H" - Mortgage Glossary and Real Estate Terminology - Terms You May Need to Know When Preparing Your Bozeman Real Estate Transaction

Hazard Insurance:
A policy with coverage that compensates for physical damage to a property from wind, fire, vandalism, or other perils. Coverage should be equal to at least the replacement cost of the property to ensure that the home will be fully rebuilt in case of a total loss. Also referred to as Homeowner's Insurance.

Highrise:
A residential building equipped with elevators that exceeds six stories.

Hip Roof:
A type of roof containing sloping planes of the same pitch on each of four sides. Contains no gables.

Historical Overviews:
Information about communities within a city based on past development, such as when a community was founded and how it has changed over the years.

Home Builder:
A service provider that specializes in building new homes.

Home Details:
The specifics of a home, such as square footage, number of bedrooms and bathrooms and more.

Home Equity Conversion Mortgage (HECM):
Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you. It enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property.

Home equity line of credit:
A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.

Home Inspection:
A thorough examination that evaluates the mechanical and structural condition of a property.

Homeowners' association:
A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.

Homeowner's insurance:
An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.

Home Warranty:
A type of insurance policy that covers repairs to specified parts of a house for a specific period. Also known as a Residential Service Contract.

Homeowner's Insurance:
A policy with coverage that compensates for physical damage to a property from wind, fire, vandalism or other perils. Coverage should be equal to at least the replacement cost of the property to ensure that the home will be fully rebuilt in case of a total loss. Also referred to as Hazard Insurance.

HUD:
An acronym for the Department of Housing and Urban Development.

HUD median income:
Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).

HUD-1 settlement statement:
A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."

Hydrostatic Pressure:
Pressure applied to envelope materials by various heights of water at rest. 

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