Historic windows(1) windows installed at time of construction of the building; or (2) windows of a type installed at time of construction of similar buildings in similar…
HO FormsHomeowners insurance polices are sometimes referred to by the kind of form used and the specific perils they cover.
HoldUsed to indicate that a certain amount of a customer's balance may not be withdrawn until an item has been collected, or until a specific check or debit…
HolderAlso the person or company which receives the financial payment or the mortgage either directly from the borrower or from a mortgage servicer.
Holding companyBy acquiring enough voting stock in another company, a holding company, also called a parent company, can exert control over the way the target company is…
Holding periodA holding period is the length of time you keep an investment. In some cases, a specific holding period is required in order to qualify for some benefit.
Home Affordable Modification Program (HAMP)(HAMP)A program that provides eligible homeowners the opportunity to modify their mortgages to make them more affordable. See www.MakingHomeAffordable.gov.
Home Affordable Refinance Program (HARP)(HARP)A program that provides homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly…
Home Affordable Unemployment Program (UP)(UP)a program that provides homeowners a temporary forbearance, which is a temporary period of time during which a regular monthly mortgage payment is reduced…
home equityThe difference between what you paid for your home and what you get when you sell.
Home Equity Conversion Mortgage (HECM)A special type of mortgage-developed and insured by the Federal Housing Administration (FHA) that enables older home owners to convert the equity they…
Home Equity Line of CreditA type of revolving loan, that enables a home owner to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that…
Home Equity Line of Credit (HELOC)(HELOC)A line of credit secured by the equity in a consumer's home. It can be used for home improvements, debt consolidation, and other major purchases.
Home Equity LoanA home equity loan allows you to tap into your home's built-up equity, which is the difference between the amount that your home could be sold for and the…
Home Equity Loan (HEL)(HEL)A home equity loan allows you to tap into your home's built-up equity, which is the difference between the amount that your home could be sold for and the…
Home Improvement LoanA home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling…
Home improvement scamsA contractor talks you into costly or unnecessary repairs, steers you to a high-cost mortgage lender to finance the job, and arranges for the loan…
Home InspectionA professional inspection of a home to determine the condition of the property.
Home InspectorYou hire and pay for this individual to analyze the home's physical condition before you buy it.
Home InventoryA detailed list of personal possessions and any information, including pictures or videos, that could help identify lost or destroyed items.
Home ownershipThe state of living in a structure that one owns.
Home Owners’ Loan ActEnacted in 1933, this Act established the Home Owners’ Loan Corporation and authorized steps to: provide emergency relief with respect to home mortgage…
Home Purchase LoanA home purchase loan is any loan secured by and made for the purpose of purchasing a dwelling. See the definition of "dwelling."
Home WarrantyOffers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; coverage extends over a…
Homeowner's InsuranceHomeowners insurance is a contract between an insurance company and a homeowner to cover certain types of damage to the property and its contents, theft…
Homeowner's Warranty (HOW)Insurance offered by a seller that covers certain home repairs and fixtures for a specified period of time.
Homeowners' AssociationAn organization of homeowners residing within a particular area whose principal purpose is to ensure the provision and maintenance of community facilities…
Homeownership Education ClassesClasses that stress the need to develop a strong credit history and offer information about how to get a mortgage approved, qualify for a loan, choose an…
Homestead CreditProperty tax credit program, offered by some state governments, that provides reductions in property taxes to eligible households.
HonorariumA payment of money or anything of value for an appearance, speech, or article, less any necessary travel expenses.
HoodA projection that shelters an element such as a door or window.
Hope scholarship creditYou may qualify for a Hope scholarship tax credit for money you spend on qualified educational expenses for yourself, your spouse, or a dependent child.
horizontal equityThe concept that people in the same income group should be taxed at the same rate. "Equals should be taxed equally."
Hot issueIf a newly issued security rises steeply in price after its initial public offering (IPO) because of intense investor demand, it is considered a hot issue.
Households and institutions sectorIncludes all production by households, which consists of families and unrelated individuals, and by nonprofit institutions that primarily serve households…
housing affordability indexAn index that indicates what proportion of homebuyers can afford to buy an average-priced home in specified areas.
Housing and Urban Development ActEnacted in 1968, this Act partitioned Fannie Mae into two separate organizations, a government-sponsored corporation (Fannie Mae) and a wholly-owned…
Housing Counseling AgencyProvides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and home buying.
Housing expensethe sum of a homeowner’s mortgage payment, hazard insurance, property taxes, and homeowner association fees.
Housing Expense RatioThe percentage of your gross monthly income that goes toward paying for your housing expenses.
HUD-1 Settlement StatementA final listing of the costs of the mortgage transaction. It provides the sales price and down payment, as well as the total settlement costs required…
HUD-1 Uniform Settlement StatementStandard form used to disclose costs at closing. All charges imposed in the transaction, including mortgage broker fees, must be disclosed separately.
HUD1 StatementAlso known as the "settlement sheet," or "closing statement" it itemizes all closing costs; must be given to the borrower at or before closing.
HVACHeating, Ventilation and Air Conditioning; a home's heating and cooling system.
HVAC EquipmentWindow, through-wall and yard-mounted heating, ventilation, and air conditioning equipment, including window louvers, wall-mounted grilles and stove…
Hybrid annuityWith a hybrid annuity, you allocate part of your annuity's assets to providing fixed income payments and part to making variable income payments.
Hybrid mortgageSometimes called an intermediate ARM, a fixed-period ARM, or a multiyear mortgage, a hybrid mortgage combines aspects of fixed-rate and adjustable-rate…
HypothecationHypothecation means pledging an asset as collateral for a loan. If you use a margin account to buy on margin or sell short, for example, you pledge…
Identity TheftIdentity theft is the unauthorized use of your personal information, such as your name, address, Social Security number, or credit account information.
Illinois Insurance Guaranty FundA fund that pays an insurer’s claims when the company is insolvent. All Illinois-licensed insurance companies belong to the Illinois Guaranty Fund.
Immediate annuityYou buy an immediate annuity contract with a lump-sum purchase. You begin receiving income from the annuity either right away or within 13 months.
Implicit price deflator (IPD)The ratio of the current-dollar value of a series, such as gross domestic product (GDP), to its corresponding chained-dollar value, multiplied by 100.
Implied GuaranteeThe assumption, prevalent in the financial markets, that the federal government will cover GSE debt obligations.
Implied WritedownCalculated based on the under-collateralization of a security, or any shortfall between a security's collateral pool balance and the aggregate unpaid…
Impound accountSame or similar to "escrow account." See also "escrow account."
ImprovementAny building, structure, place, work of art, or other object constituting a physical betterment of real property, or any part of such betterment.
ImputationsEstimates of the value of certain income and product flows that do not take measurable monetary form.
Imputed interestImputed interest is interest you are assumed to have collected even if that interest was not paid.
In-the-moneyAn option is in-the-money at any point up to expiration if the exercise price is below the market price of a call option or above the market price of a…
Inactive AccountAn account that has little or no activity; neither deposits nor withdrawals having been posted to the account for a significant period of time.
Inactive MemberA member who is no longer employed by a public or governmental entity that participates in one of the South Carolina Retirement Systems’ plans and does…
Incentive stock option (ISO)Corporate executives may be granted incentive stock options (ISOs), also called qualifying stock options.
IncomeIncludes but is not limited to the following items: earned income such as compensation for services, fees, commissions, salaries, wages and similar items…
Income annuityAn income annuity, sometimes called an immediate annuity, pays an annual income, usually in monthly installments.
income approach to valueA method used by real estate appraisers to predict a property's anticipated future income.
Income fundAlternatively called a bond fund. Income funds are a type of mutual fund that holds debt instruments such as government bonds and corporate debentures.
Income in respect of a decedentAny income your beneficiary receives after your death that would have gone to you if you were still alive is described as income in respect of a decedent.
Income LossPays a portion of your wages when injuries sustained in an auto accident keep you from working.
Income payments on assetsPayments that result from the ownership of assets. It includes interest payments, dividend payments, reinvested earnings on foreign direct investment in…
Income payments to the rest of the worldConsists of compensation paid to foreign residents, income payments on assets to the rest of the world (which includes interest and dividends paid to the…
Income PropertyReal estate developed or purchased to produce income, such as a rental unit.
Income receipts from the rest of the worldConsists of compensation paid to U.S. residents by foreigners, income receipts on assets from the rest of the world (which includes interest and dividends…
Income receipts on assetsFor private businesses it consists of interest and dividend receipts from the rest of the world and reinvested earnings on U.S. direct investment abroad.
Income statementAn income statement, also called a profit and loss statement, shows the revenues from business operations, expenses of operating the business, and the…
Income stockStock that pays income in the form of regular dividends over an extended period is often described as income stock.
IncorporationWhen a business incorporates, it receives a state or federal charter to operate as a corporation.
Increased Cost of Compliance (ICC)(ICC)Coverage for expenses a property owner must incur, above and beyond the cost to repair the physical damage the structure actually sustained from a…
IncumbentAn incumbent filer is an employee who has worked for more than 60 days during the previous calendar year in a position which required filing of an SF 278.
Incumbent and TerminationAn incumbent and termination filer is an employee who anticipates terminating his/her covered position employment within 90 days of the annual filing…
IndemnificationTo secure against any loss or damage, compensate or give security for reimbursement for loss or damage incurred.
Indemnity insuranceAn indemnity insurance policy pays up to a fixed amount when you make a claim, often on a per day basis.
IndentureAn indenture is a written contract between a bond issuer and bond holder that is proof of the bond issuer's indebtedness and specifies the terms of the…