Mortgage Glossary – H
Protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer.
Home Equity Line of Credit
A form of revolving credit in which your home serves as collateral.
Home Equity Loan
A revolving line of credit or loan based on the equity in the mortgagor’s house. The property is the security for the loan, which is usable for any purpose.
An insurance policy that combines liability coverage and hazard insurance
Housing and Urban Development (HUD)
A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration.
HUD-1 Uniform Settlement Statement
A standard form, which itemizes the closing costs associated with purchasing a home.