Real Estate — page 5 of 12

Real Estate terms

401. Foreclosure A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default.
402. Foreclosure Prevention steps by which the servicer works with the homeowner to find a permanent solution to resolve an existing or impending loan delinquency.
403. Forfeiture The loss of money, property, rights, or privileges due to a breach of a legal obligation.
404. Frame The stationary portion of a window unit that is affixed to the facade and holds the sash or other operable portions of the windows.
405. Fraternal organization A society such as Moose, Shriners, Elks, Knights of Columbus, etc.
406. Freddie Mac Freddie Mac is a shareholder-owned corporation that was chartered in 1970 to increase the supply of mortgage money that lenders are able to make available…
407. Free and clear Owning property free and clear is having title to a property without encumbrances; that is, free of liens.
408. French door or French window A tall casement window that reaches to the floor, usually arranged in two leaves as a double door.
409. Frequently Asked Questions (FAQ) (FAQ) On the Superfund Web site, you may search for frequently asked questions by topic or by typing in a keyword or phrase.
410. Frequently Asked Questions About Contaminants Found at Hazardous Waste Sites (ToxFAQs) (ToxFAQs) ATSDR ToxFAQs is a series of summaries about hazardous substances being developed by the ATSDR Division of Toxicology.
411. Frieze 1. The middle horizontal member of a classical entablature, above the architrave and below the cornice. 2.
412. Front End Ratio A percentage comparing a borrower's total monthly cost to buy a house (mortgage principal and interest, insurance, and real estate taxes) to monthly…
413. FSBO (For Sale by Owner) A home that is offered for sale by the owner without the benefit of a real estate professional.
414. Fully Amortized Mortgage A mortgage in which the monthly payments are designed to retire the obligation at the end of the mortgage term.
415. Gable The upper portion of an end wall formed by the slope of a roof.
416. Galvanized Iron Iron that has been coated with zinc to inhibit rusting.
417. Garn-St. Germain Depository Institutions Act Legislation enacted in 1982 that provided the thrift industry more flexibility in managing assets and liabilities.
418. General Contractor A person who oversees a home improvement or construction project and handles various aspects such as scheduling workers and ordering supplies.
419. General partnership A partnership made up of general partners, without special (limited) partners; that is, no partner's liability is limited.
420. geocode Geocode refers to the combination of applicable codes for the metropolitan area, state, county and census tract.
421. Gift A payment, advance, forbearance, rendering, or deposit of money, or anything of value, unless consideration of equal or greater value is received by the…
422. Gift Letter A letter that a family member writes verifying that s/he has given you a certain amount of money as a gift and that you don't have to repay it.
423. Ginnie Mae Nickname for Government National Mortgage Association (GNMA).
424. Glazing The material, usually glass, that fills spaces between sash members (rails, stiles and muntins), commonly referred to as panes or lights.
425. Glazing Bar See mullion.
426. Global Debt Facility Designed to allow investors all over the world to purchase debt (loans) of U.S. dollar and foreign currency through a variety of clearing systems.
427. Good faith estimate A good faith estimate is a written summary provided by your mortgage lender. It shows the amount you can expect to pay at your real estate closing to…
428. Good Faith Estimate (GFE) (GFE) A document which tells borrowers the approximate costs they will pay at or before settlement, based on common practice in the locality.
429. Gothic Sash A window sash pattern composed of mullions that cross to form pointed arches.
430. Government Mortgage A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA) or guaranteed by the U. S.
431. Government National Mortgage Association (Ginnie Mae) (Ginnie Mae) The Government National Mortgage Association, known as Ginnie Mae, guarantees mortgage-backed securities issued by approved private institutions and…
432. Government National Mortgage Association (GNMA or Ginnie Mae) A government organization that participates in the secondary market, securitizing pools of FHA, VA, and RHS loans.
433. Government-Sponsored Enterprise (GSE) (GSE) Business organizations chartered and sponsored by the federal government, which include Fannie Mae, Freddie Mac, and the FHLBanks.
434. Graduated payment mortgage (GPM) A fixed-interest loan with lower payments in the early years than in the later years.
435. Graduated Payment Mortgages Mortgages that begin with lower monthly payments that get slowly larger over a period of years, eventually reaching a fixed level and remaining there for…
436. Grantee An individual to whom an interest in real property is conveyed.
437. Grantor The person conveying real property by a trust deed as security for the performance of an obligation.
438. Grille A decorative, openwork grating, usually of iron, used to protect a window, door, or other opening.
439. Gross Annual Income The income reported is the total gross annual income an institution relied upon in making the credit decision.
440. Gross Income Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships.
441. Gross Monthly Income The income you earn in a month before taxes and other deductions. It may also include rental income, self-employed income, income from alimony, child…
442. Ground Rent Payment for the use of land when title to a property is held as a leasehold estate (that is, the borrower does not actually own the property, but has a…
443. Growing-Equity Mortgage (GEM) A fixed-rate mortgage in which the monthly payments increase according to an agreed-upon schedule, with the extra funds applied to reduce the loan balance…
444. GSE Abbreviation for government sponsored enterprisesa collection of financial services corporations formed by the United States Congress to reduce interest…
445. Guarantee A pledge to investors that the issuing company will bear the default risk on the collateral pool of loans, thereby ensuring the timely payment of…
446. Guaranty Fee Payment to FannieMae from a lender for the assurance of timely principal and interest payments to MBS (Mortgage Backed Security) security holders.
447. Gutter A shallow channel of metal or wood set immediately below and along the eaves of a building to catch and carry off rainwater.
448. HAFA Short Sale when the homeowner sells the property for less than the full amount due on the mortgage.
449. Hazard Insurance insurance that is generally required under mortgage contracts to pay for loss or damage to a person’s home or property.
450. Hazard Ranking System (HRS) (HRS) The Hazard Ranking System (HRS) is the principal mechanism EPA uses to place waste sites on the NPL.
451. Hazardous Substance Research Centers ((HSRC)): Hazardous Substance Research Centers (HSRC) are a set of national organizations that carry out an active program of basic and applied research…
452. Head The upper horizontal part of a window frame or window opening.
453. Header A masonry wall unit of brick which is laid so that its short end is exposed.
454. HECM (Reverse Mortgage) 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…
455. HELP Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the home buying process; HELP covers topics like…
456. Historic Appearance 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…
457. Historic Fabric A building's original or significant historic façade construction material or ornament, or fragments thereof.
458. Historic structure A building that is officially recognized for its historic significance and has special status under the 1976 Tax Reform Act which encourages…
459. 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…
460. Holder Also the person or company which receives the financial payment or the mortgage either directly from the borrower or from a mortgage servicer.
461. Home Affordable Foreclosure Alternatives Program (HAFA) (HAFA) a program that provides opportunities for homeowners who can no longer afford to stay in their home but want to avoid foreclosure to transition to more…
462. 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.
463. 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…
464. 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…
465. 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…
466. Home Equity Line of Credit 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…
467. 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.
468. Home Equity Loan 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…
469. Home Improvement Loan A home improvement loan is (a) any dwelling-secured loan to be used, at least in part, for repairing, rehabilitating, remodeling, or improving a dwelling…
470. Home improvement scams A 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…
471. Home Inspection A professional inspection of a home to determine the condition of the property.
472. Home ownership The state of living in a structure that one owns.
473. Home Ownership and Equity Protection Act (HOEPA) (HOEPA) Lenders are required to report whether a loan is subject to the provisions of the HOEPA.
474. Home Owners’ Loan Act Enacted in 1933, this Act established the Home Owners’ Loan Corporation and authorized steps to: provide emergency relief with respect to home mortgage…
475. Home Purchase Loan A home purchase loan is any loan secured by and made for the purpose of purchasing a dwelling. See the definition of "dwelling."
476. Home Warranty Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; coverage extends over a…
477. Homeowner's Insurance Homeowners insurance is a contract between an insurance company and a homeowner to cover certain types of damage to the property and its contents, theft…
478. Homeowner's Warranty (HOW) Insurance offered by a seller that covers certain home repairs and fixtures for a specified period of time.
479. Homeowners' Association An organization of homeowners residing within a particular area whose principal purpose is to ensure the provision and maintenance of community facilities…
480. Homeownership Education Classes Classes 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…
481. Homestead Credit Property tax credit program, offered by some state governments, that provides reductions in property taxes to eligible households.
482. Hood A projection that shelters an element such as a door or window.
483. housing affordability index An index that indicates what proportion of homebuyers can afford to buy an average-priced home in specified areas.
484. Housing and Economic Recovery Act (HERA) (HERA) HERA was enacted in 2008, and it established FHFA-OIG and FHFA, which oversees the GSEs’ operations.
485. Housing and Urban Development (HUD) The U.S. government agency that administers FHA, GNMA and other housing programs.
486. Housing and Urban Development Act Enacted in 1968, this Act partitioned Fannie Mae into two separate organizations, a government-sponsored corporation (Fannie Mae) and a wholly-owned…
487. Housing Counseling Agency Provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and home buying.
488. Housing expense the sum of a homeowner’s mortgage payment, hazard insurance, property taxes, and homeowner association fees.
489. Housing Expense Ratio The percentage of your gross monthly income that goes toward paying for your housing expenses.
490. housing expenses-to-income ratio See: debt-to-income ratio.
491. Housing unit A housing unit is a house, apartment, group of rooms or a single room occupied as separate living quarters; that is, 1.
492. HUD See: Housing and Urban Development.
493. HUD-1 Settlement Statement A 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…
494. HUD-1 Uniform Settlement Statement Standard form used to disclose costs at closing. All charges imposed in the transaction, including mortgage broker fees, must be disclosed separately.
495. HUD1 Statement Also known as the "settlement sheet," or "closing statement" it itemizes all closing costs; must be given to the borrower at or before closing.
496. HVAC Heating, Ventilation and Air Conditioning; a home's heating and cooling system.
497. HVAC Equipment Window, through-wall and yard-mounted heating, ventilation, and air conditioning equipment, including window louvers, wall-mounted grilles and stove…
498. Implied Guarantee The assumption, prevalent in the financial markets, that the federal government will cover GSE debt obligations.
499. Impound account Same or similar to "escrow account." See also "escrow account."
500. Improvement Any building, structure, place, work of art, or other object constituting a physical betterment of real property, or any part of such betterment.