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A form of insurance that protects the owner of the insured property against losses from physical damage such as fire and tornadoes. Mortgage lenders often require a borrower to maintain an amount of hazard insurance on the property that is equal at least to the amount of the mortgage loan.
Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other covered hazards or natural disasters.
Protection against a specific loss, such as fire, wind etc., over a period of time that is secured by the payment of a regularly scheduled premium.
Same or similar to "property insurance." See also "property insurance."
- Browse Related Terms: Average Price, Credit Loss Ratio, Deductible, flood insurance, Hazard Insurance, Home Warranty, Homeowner's insurance, Indemnification, insurance, Median Price, Mortgage servicing, Perils, Property insurance, Tax and insurance escrow, Taxes and Insurance
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The Hazard Ranking System (HRS) is the principal mechanism EPA uses to place waste sites on the NPL. It is a numerically based screening system that uses information from initial, limited investigations - the preliminary assessment and the site inspection - to assess the relative potential of sites to pose a threat to human health or the environment.
- Browse Related Terms: Comprehensive Environmental Response, Compensation, and Liability Information System (CERCLIS), Construction Completion List (CCL), Hazard Ranking System (HRS), National Priorities List (NPL), No Further Remedial Action Planned (NFRAP), Preliminary Assessment / Site Inspection (PA/SI), Record of Decision (ROD), Remedial Design/Remedial Action (RD/RA), Remedial Investigation/Feasibility Study (RI/FS), Risk Assessment Guidance (RAGS), Superfund Chemical Data Matrix (SCDM), Technical Assistance Grants (TAG), Technical Outreach for Communities (TOSC)
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((HSRC)): Hazardous Substance Research Centers (HSRC) are a set of national organizations that carry out an active program of basic and applied research, technology transfer, and training involving practical problems relating to hazardous substance management.
- Browse Related Terms: Contract Laboratory Program (CLP), Environmental Justice (EJ), Hazardous Substance Research Centers, INFOTERRA, National Institute of Environmental Health Sciences (NIEHS), Office of Research and Development (ORD), Office of Solid Waste and Emergency Response (OSWER), Office of Superfund Remediation and Technology Innovation (OSRTI), Outreach and Special Projects Staff (OSPS), Superfund Amendments and Reauthorization Act (SARA), Technology Innovation Office (TIO)
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The upper horizontal part of a window frame or window opening.
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A masonry wall unit of brick which is laid so that its short end is exposed.
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The reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM.
- Browse Related Terms: Collateral, Commercial bank, Credit Grantor, creditor, Demand loan, Equity loan, Federal savings bank, HECM (Reverse Mortgage), Line of Credit, Mortgagee, Primary Mortgage Market, Reverse Mortgage (HECM), Truth-In-Lending Act (TILA), Unsecured Loan
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Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the home buying 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.
- Browse Related Terms: Community development area, Community land trust, Department of Housing and Urban Development (HUD), Economic development area, Employer-Assisted Housing, HELP, Housing and Urban Development (HUD), Housing Counseling Agency, RHCDS, Rural Housing and Community Development Service, Rural Housing Service (RHS), Rural Housing Service/Rural Development, Small Business Administration (SBA)
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The visual appearance of a structure or site at a specific point in time after it has undergone alterations or additions which enhance or contribute to the building or site’s special architectural, aesthetic, cultural, or historic character.
- Browse Related Terms: Banking Interior, Certified historic structure, Historic Appearance, Historic structure, Match, Non-significant features, Post-1939 Building, Pre-1940 Building, Reversible Alteration, Significant Feature, Significant landscape improvement, State-of-the-Art Banking Change
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A building's original or significant historic façade construction material or ornament, or fragments thereof.
- Browse Related Terms: Asbestos, Building Code, Finish, General Contractor, Historic Fabric, Manufactured home, Mobile home, Original appearance, radon
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A building that is officially recognized for its historic significance and has special status under the 1976 Tax Reform Act which encourages rehabilitation and discourages demolition or substantial alteration of the structure.
- Browse Related Terms: Banking Interior, Certified historic structure, Historic Appearance, Historic structure, Match, Non-significant features, Post-1939 Building, Pre-1940 Building, Reversible Alteration, Significant Feature, Significant landscape improvement, State-of-the-Art Banking Change
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(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 periods and styles; or (3) windows installed at time of major facade alterations 30 or more years ago.
- Browse Related Terms: Cast Iron, Entrance recess, Façade, Fenestration, Gutter, Historic windows, Improvement, Individual retirement account (IRA), Master plan, Materials, Pounds per square inch (PSI), Quoin, Residential Awning, restoration, Retractable Awning, Semi-detached, Setback, Shutter Dogs
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Also the person or company which receives the financial payment or the mortgage either directly from the borrower or from a mortgage servicer.
- Browse Related Terms: Chapter 13 Bankruptcy, Default, Delinquency, Forbearance, Fully Amortized Mortgage, Holder, Installment, Late Charge, Late Payment Charges, Payment Due Date, Prepayment penalty clause, Repayment Plan, reverse annuity mortgage, Terms
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A special type of mortgage-developed and insured by the Federal Housing Administration (FHA) 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. Sometimes called a reverse mortgage.
- Browse Related Terms: 203(k), EEM, FHA mortgage loan, Home Equity Conversion Mortgage (HECM), Purchase Money Mortgage, Rehabilitation Mortgage
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See "home equity line of credit" under "mortgage."
A 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 represents a specified percentage of the borrower's equity in the property.
A mortgage loan, usually in second mortgage, allowing a borrower to obtain cash against the equity of a home, up to a predetermined amount.
- Browse Related Terms: discount points, Gift Letter, Home Equity Line of Credit, Outstanding balance, Pre-Approval Letter, Pre-Qualification Letter, Price Range, Refinance, Shared equity mortgage, Stockholders' Equity
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A loan backed by the value of a home (real estate). If the borrower defaults or does not pay the loan, the lender has some rights to the property. The borrower can usually claim a home equity loan as a tax deduction.
A mortgage on the borrower's principal residence, usually for the purpose of making home improvements or debt consolidation.
- Browse Related Terms: First Time Home Buyer, Home Equity Loan, Joint venture, Lease, Owner Occupied Property, Partnership, Primary residence/second home, Second home
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A professional inspection of a home to determine the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation.
An examination of the structure and mechanical systems to determine a home's quality, soundness and safety; makes the potential homebuyer aware of any repairs that may be needed. The homebuyer generally pays inspection fees.
A thorough review of the physical aspects and condition of a home by a professional home inspector. This inspection should be completed prior to closing so that any repairs or changes can be completed before the transfer of the home is completed.
- Browse Related Terms: Appraisal, appraisal fee, Appraiser, home inspection, Loan to Value (LTV) Ratio, Market value, Origination, property appraisal, Tax-free exchange, Warranties
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The state of living in a structure that one owns.
- Browse Related Terms: Condominium, Home ownership, Housing unit, Loggia, Personal property, Property, Rowhouse, Single-family house, Two- to Four- Family Property, Zoning
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Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; coverage extends over a specific time period and does not cover the home's structure.
- Browse Related Terms: Average Price, Credit Loss Ratio, Deductible, flood insurance, Hazard Insurance, Home Warranty, Homeowner's insurance, Indemnification, insurance, Median Price, Mortgage servicing, Perils, Property insurance, Tax and insurance escrow, Taxes and Insurance
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A policy that protects you and the lender from fire or flood, which damages the structure of the house; a liability, such as an injury to a visitor to your home; or damage to your personal property, such as your furniture, clothes or appliances
An insurance policy, also called hazard insurance, that combines protection against damage to a dwelling and its contents including fire, storms or other damages with protection against claims of negligence or inappropriate action that result in someone's injury or property damage. Most lenders require homeowners insurance and may escrow the cost. Flood insurance is generally not included in standard policies and must be purchased separately.
A form of insurance that protects the owner of the insured property against loss from theft, liability and most common disasters.
- Browse Related Terms: Average Price, Credit Loss Ratio, Deductible, flood insurance, Hazard Insurance, Home Warranty, Homeowner's insurance, Indemnification, insurance, Median Price, Mortgage servicing, Perils, Property insurance, Tax and insurance escrow, Taxes and Insurance
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Insurance offered by a seller that covers certain home repairs and fixtures for a specified period of time.
- Browse Related Terms: As-is Condition, Back to Back Escrow, Concession, Contingency, Counter Offer, Deposit (Earnest Money), derivative, Earnest Money Deposit, escape clause, Homeowner's Warranty (HOW), Purchase and Sale Agreement, Purchase Offer, Ratified Sales Contract, Rehabilitation, Right of First Refusal, walk-through, Walkthrough