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RE/MAX Valley Real Estate The HomeTeam Jack Pearce Al Leonard Phone: (330) 720-3619	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 hard money lenders Lending companies offering a specialized type of real-estate backed loan. Hard money lenders provide short-term loans (also called a bridge loan) that provide funding based on the value of real estate that has been collateralized for the loan. Hard money lenders typically have much higher interest rates than banks because they fund deals that do not conform to bank standards. Hard money lenders will offer a range of requirements on the loan-to-value percentage, type of real estate and minimum loan size for a hard money loan. hazard insurance Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards. See also >> Insurance: homeowner's Insurance. Home Equity Conversion Mortgage (HECM) A special type of mortgage that enables older home owners to convert the equity they have in their homes into cash, using a variety of payment options to address their specific financial needs. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property. Sometimes called a reverse mortgage. home equity line of credit A mortgage loan, which is usually in a subordinate position, that allows the borrower to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in a property. home inspection A satisfactory home inspection is often included as a contingency by the purchaser. A home inspection is when a paid professional inspector -- often a contractor or an engineer -- inspects the home, searching for defects or other problems that might plague the owner later on. They usually represent the buyer and or paid by the buyer. The inspection usually takes place after a purchase contract between buyer and seller has been signed. Contrast with appraisal. read more >>. Yes! You Need a Home Inspection Buying Your Home - Home Inspections & Warranties HomeKeeper^SM Fannie Mae's adjustable-rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value. Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible. homeowners' association A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements. homeowners' insurance Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home. Read More >> Homeowners Insurance homeowner's warranty (HOW) A type of insurance that covers repairs to specified parts of a house and major appliances for a specific period of time. It is sometimes provided by the builder or property seller as a condition of the sale, if not, you can buy a home warranty on you own. A Home Warranty protects against the high costs of home and appliance repair by offering home warranty coverage for houses, townhomes, condominiums, mobile homes, and new construction homes. When a problem occurs with a covered appliance or mechanical system such as an air conditioning unit or furnace, a service technician repairs or replaces it. The homeowner pays for a service call fee and the home warranty company pays the balance for the repair or replacement of the covered item. See: Do You Need A Home Warranty? Home Warranties Boost Selling Price home stager Professional Home Staging is the fastest growing new trend in home marketing. Home Staging is professionally preparing homes for sale, so that they appeal to the most amount of buyers and generate the highest price in the least amount of time on market. In today's market conditions. Staging sells homes. See Accredited Home Stager (CSP) homestyle^® mortgage loan A mortgage that enables eligible borrowers to obtain financing to remodel, repair, and upgrade their existing homes or homes that they are purchasing. The financing takes the form of a conventional second mortgage or a Federal Housing Administration (FHA) Section 203(k) first mortgage. housing expense ratio The percentage of gross monthly income that goes toward paying housing expenses. HUD The United States Department of Housing and Urban Development, often abbreviated HUD, is a Cabinet department of the United States government. Although its beginnings were in the House and Home Financing Agency, it was founded in 1965 to develop and execute policy on housing and cities. It has largely scaled back its urban development function and now focuses primarily on housing. HUD median income Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the United States Department of Housing and Urban Development HUD-1 statement The HUD-1 statement (also known as the "closing statement") is a document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD). See also: The HUD-1 Form Your Settlement Costs, from the Department of Housing and Urban Development (HUD).

The HomeTeam, Jack Pearce and Al leonard, Boardman Ohio REMAX real estate and homes for sale in Poland, Canfield, Youngstown, Austintown, Warren, Mahoning and Trumbull from REMAX Valley Real Estate.

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Glossary of Real Estate

The HomeTeam, Jack Pearce and Al Leonard, RE/MAX Valley Real Estate, Mahoning County, 1006 Boardman - Canfield Rd., Ohio 44512

RE/MAX
Valley Real Estate
The HomeTeam
Jack Pearce
Al Leonard
Phone: (330) 720-3619

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

hard money lenders
Lending companies offering a specialized type of real-estate backed loan. Hard money lenders provide short-term loans (also called a bridge loan) that provide funding based on the value of real estate that has been collateralized for the loan. Hard money lenders typically have much higher interest rates than banks because they fund deals that do not conform to bank standards.

Hard money lenders will offer a range of requirements on the loan-to-value percentage, type of real estate and minimum loan size for a hard money loan.

hazard insurance
Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards.

See also >> Insurance: homeowner's Insurance.

Home Equity Conversion Mortgage (HECM)
A special type of mortgage that enables older home owners to convert the equity they have in their homes into cash, using a variety of payment options to address their specific financial needs. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property. Sometimes called a reverse mortgage.

home equity line of credit
A mortgage loan, which is usually in a subordinate position, that allows the borrower to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in a property.

home inspection
A satisfactory home inspection is often included as a contingency by the purchaser.

A home inspection is when a paid professional inspector -- often a contractor or an engineer -- inspects the home, searching for defects or other problems that might plague the owner later on. They usually represent the buyer and or paid by the buyer. The inspection usually takes place after a purchase contract between buyer and seller has been signed.

Contrast with appraisal.

read more >>.

HomeKeeper^SM
Fannie Mae's adjustable-rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value. Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible.

homeowners' association
A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.

homeowners' insurance
Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.

Read More >> Homeowners Insurance

homeowner's warranty (HOW)
A type of insurance that covers repairs to specified parts of a house and major appliances for a specific period of time. It is sometimes provided by the builder or property seller as a condition of the sale, if not, you can buy a home warranty on you own.

A Home Warranty protects against the high costs of home and appliance repair by offering home warranty coverage for houses, townhomes, condominiums, mobile homes, and new construction homes. When a problem occurs with a covered appliance or mechanical system such as an air conditioning unit or furnace, a service technician repairs or replaces it. The homeowner pays for a service call fee and the home warranty company pays the balance for the repair or replacement of the covered item.

See:
Do You Need A Home Warranty?
Home Warranties Boost Selling Price

home stager
Professional Home Staging is the fastest growing new trend in home marketing. Home Staging is professionally preparing homes for sale, so that they appeal to the most amount of buyers and generate the highest price in the least amount of time on market. In today's market conditions. Staging sells homes. See Accredited Home Stager (CSP)

homestyle^® mortgage loan
A mortgage that enables eligible borrowers to obtain financing to remodel, repair, and upgrade their existing homes or homes that they are purchasing. The financing takes the form of a conventional second mortgage or a Federal Housing Administration (FHA) Section 203(k) first mortgage.

housing expense ratio
The percentage of gross monthly income that goes toward paying housing expenses.

HUD
The United States Department of Housing and Urban Development, often abbreviated HUD, is a Cabinet department of the United States government. Although its beginnings were in the House and Home Financing Agency, it was founded in 1965 to develop and execute policy on housing and cities. It has largely scaled back its urban development function and now focuses primarily on housing.

HUD median income
Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the United States Department of Housing and Urban Development

HUD-1 statement
The HUD-1 statement (also known as the "closing statement") is a document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD).

read more >>.

See also: