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GLOSSARY OF MORTGAGE TERMS:
Page 1 of 1 | 5 terms beginning with 'H' Hazard Insurance Insurance to protect the homeowner and the lender against physical damage to a property from fire, wind, vandalism, or other hazards. Homeowner's Insurance An insurance policy that combines liability coverage and hazard insurance. Homeowner's Warranty A type of insurance that covers repairs to specified parts of a house for a specific period of time. Housing Ratio The ratio of the monthly housing payment to total gross monthly income. Also called Payment-to-Income Ratio or Front-End Ratio. HUD (Department of Housing and Urban Development). A cabinet department responsible for the implementation and administration of government housing and urban development programs. |