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Law Office of William F. Scofield
William F. Scofield, LLC Attorney at Law
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Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z all
 
Hazard Insurance
Insurance to protect the homeowner and the lender against physical damage to a property from fire, windstorm, vandalism, and other specified hazards. Also see Flood Insurance and Homeowner’s Insurance Policy.
 
HELP
Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the homebuying process; HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.
 
Home Equity Conversion Mortgage
Literally, a Reverse Mortgage, which allows (usually) elderly homeowners who that have a substantial equity to convert the equity into cash. A lender makes regular payments to the homeowner, with a corresponding lien building against the property. The loan must be repaid at a specified time or when the borrower no longer occupies the property.
 
Home Equity Line of Credit (HELOC)
A variable rate line of credit secured by a homeowner’s equity. The lender provides funds on demand, with a corresponding lien against the property. The loan must be repaid in installments after a specified draw period.
 
Home Equity Loan
A loan secured by a homeowner’s equity. The lender provides funds at closing, with a corresponding lien against the property. The loan is repaid in monthly payments for the term of the loan.
 
Homeowner’s Insurance Policy
A standardized form of insurance providing blanket coverage against personal liability and a wide variety of hazards. Homeowner’s policies do not include flood insurance, and may also specify additional exemptions.
 
Housing Counseling Agency
Provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and homebuying.
 
HUD
The U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.
 
HUD-1 Settlement Statement
See Settlement Statement
 
Hybrid ARM’s
These loans are Adjustable Rate Mortgages where the rate is fixed for a specified time period before any adjustments are made. After that, they become standard one-year ARMs. Examples are 3/1 ARMs, 5/1 ARMs and 7/1 ARMs.
 
These definitions are provided for informational purposes only. William Scofield, LLC shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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