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hazard insurance
A form of insurance that protects the owner of the insured property against losses from physical damage such as fire and tornadoes. Mortgage lenders often require a borrower to maintain an amount of hazard insurance on the property that is equal at least to the amount of the mortgage loan.
home equity loan
A mortgage on the borrower's principal residence, usually for the purpose of making home improvements or debt consolidation.
home inspection
A thorough review of the physical aspects and condition of a home by a professional home inspector. This inspection should be completed prior to closing so that any repairs or changes can be completed before the transfer of the home is completed.
homeowners insurance
A form of insurance that protects the owner of the insured property against loss from theft, liability and most common disasters.
housing affordability index
An index that indicates what proportion of homebuyers can afford to buy an average-priced home in specified areas. The most well known housing affordability index is published by the National Association of Realtors.
Housing and Urban Development (HUD)
The U.S. government agency that administers FHA, GNMA and other housing programs.
housing expenses-to-income ratio
See: debt-to-income ratio
HUD
See: Housing and Urban Development
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