Heidi M Tourangeau
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Hazard Insurance        A board form of insurance coverage for real estate that includes protection against loss from fire, certain natural causes, vandalism, and malicious mischief.
HER                           Housing Expense Ratio. See debt ratios.
Homeowner’s              An organization of homeowners residing within a particular
Association (HOA)       development whose major purpose is to maintain and provide community facilities and services for the common enjoyment of all residents.
Homeowner’s Policy     A multiple peril insurance policy, also known as a “package policy.” It is available to owners of private dwellings and covers the dwelling and its contents in the case of fire or wind damage or theft, liability for property damage, and personal liability.
HUD                          The U.S. Department of Housing and Urban Development established by the Housing and Urban Development Act of 1965 to supersede the Housing and Home Finance Agency. It is responsible for the implementation and administration of government housing and urban development programs.
HUD-1                        See Closing Statement.
Home Mortgage           A federal law allowing the public to review a lender’s mortgage
Disclosure Act             loan activity in a particular area and thus form a judgment about that lender’s responsiveness in providing adequate home financing in the communities in which it is located.
Implies                      Presumed or inferred, rather than expressed.
Impound Account        A trust-type account established by lenders for accumulation of funds to meet taxes, FHA mortgage insurance premiums, and/or future insurance policy premiums. Impounds are usually collected with the note/principal and interest payment.
Income Property         Real estate developed or improved to produce income. Often referred to as non-owner occupied property.
Index                        The index is used to determine future variations in payment and/or rate for Adjustable Rate Mortgages (ARMs). The index used is outside the lender’s control.
Initial Fixed Interest    The period of time that the interest rate on an adjustable loan is
Period                        fixed, after which interest is calculated based on the fully-
                                 indexed rate (the then-current index plus margin).
Initial Interest Rate     The starting interest rate on an ARM loan. This rate remains
(Start Rate)                constant for the loan’s introductory period, which can be anywhere from one month to five years. (Some people refer to the start rate as the “teaser rate” if it is lower than the fully indexed rate.)
Initial Payment Period  The period of time during which the payment on an ARM remains constant. During this time, the interest may adjust even though the payment remains constant.
Installment                The regular periodic payment that a customer agrees to make to the lender.
Instrument                 A legal written document; for example, promissory note, grant deed, deed of trust, etc.
Interest                     (1) Consideration in the form of money paid for the use of money, usually expressed as an annual percentages. 
                                (2) A right, share, or title in property.
Interest Rate Cap        Limits interest rate increases and decreases on an adjustable rate loan, either from one adjustment period to the next or over the life of the loan.
Joint Tenancy             Title held by two or more persons in equal shares with the right of survivorship. Also called Tenants by the Entirety.
Judgment Lien            A statutory lien created when a judgment is entered in Superior Court or a transcript of a Justice Court judgment is filled in Superior Court.
Junior Lien                  A charge upon the property for the payment of a debt or obligation. Also called a subordinate lien or a second trust deed/mortgage.