Habendum - The �to have and to hold� clause that defines the amount of the
estate granted in the deed.
Hazard Insurance - Insurance that protects a homeowner against the cost of
damages to property caused by fire, windstorms, and other common hazards. Also
referred to as homeowner's insurance.
Home Equity Line of Credit (HELOC) - A loan secured by real property,
usually in a subordinate position, that allows the borrower to receive the loan
proceeds in the form of multiple advances up to a limit that represents a
maximum percentage of the borrower's equity in a property.
Home Equity Loan - A loan secured by a subordinate mortgage on one's
principal residence, generally to be used for some non-housing expenditure. A
traditional home equity loan provides lump-sum proceeds at the time the loan is
Home Inspection - A complete and detailed inspection that examines and
evaluates the mechanical and structural condition of a property. A complete and
satisfactory home inspection is often required by the homebuyer. Compare with
Homeowner's Warranty - A type of insurance policy that covers repairs to
certain parts of a home for an agreed upon period of time. It is typically
provided by the contractor or seller as a condition of the sale.
HUD - HUD, also known as the U.S. Department of Housing and Urban Development,
insures home mortgage loans made by lenders meet minimum standards for such homes.
HUD-1 Statement - Also referred to as the closing statement or the
settlement statement, this is the document that provides line by line detail of
the financial details related to a specific real estate transaction such as the
fees paid by the seller and the buyer for a purchase transaction or the fees
paid by the borrower for refinances.