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Glossary

Get easy to understand definitions for common mortgage terms from the Mortgage Insider. In our glossary, we define the word, tell you about in industry usage, and usually give an example so you can fully and easily understand not just the meaning but the function of the word.

Hazard Insurance

Hazard Insurance Defined
Hazard insurance is another name for homeowner or property insurance.
The lender won’t lend money on a property that is not properly insured in case of fire or other hazards. The lender has to see the dwelling coverage equal to or more than the loan amount.
Most of the time, the [...]

Home Equity Line of Credit

Home Equity Line of Credit Defined
A home equity line of credit is a lien where you borrow against the equity in your home. It is usually in second place behind a first mortgage. They are also known as a HELOC (pronounced like, he lock). You can get a home equity line of [...]

HUD-1

HUD-1 Defined
The HUD-1 is a document required by RESPA (Real Estate Setllement and Procedures Act, the controlling Federal law) to show actual charges and adjustments for all parties including the seller, buyer, agents, lenders, and all third parties.
Another name for the HUD-1 is the closing statement or settlement sheet.
A HUD-1 is [...]

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