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Nicolas Romo |
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(714)
231-3772 |
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Lic.
# 01787685 |
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Hablo Español |
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Hard-Money
Loan/Mortgage
A cash loan to an individual.
Hazard Insurance
Insurance that protects insured homeowners from
certain losses, such as vandalism, fire, storms and
other natural occurrences. In California, homeowners
normally have to pay more to cover damages resulting
from earthquakes.
Home Equity Conversion Mortgage (HECM)
In this type of loan, also called “reverse annuity
mortgage”, instead of the borrower making payments
to the lender, the lender makes payments to the
borrower on a monthly basis. Meant for older
homeowners, this mortgage allows them to convert
home equity into cash without having to qualify for
the loan on the basis of income, but rather on the
value of the home. The borrower is not required to
repay the loan until after they sell the property or
pass away.
Home Equity Line of Credit (H.E.L.O.C)
A loan in second position that permits a borrower to
get cash, up to a specified limit, against the
equity of the home.
Home Inspection
A detailed evaluation of real property regarding its
mechanical and structural condition. Home
inspections are conducted by appraisers.
Homeowners Association (HOA)
Also known as HOA, this is a nonprofit organization
that manages the common areas of a condominium
project or planned unit development (PUD) . In a
condominium project, the HOA has no ownership
interest in the common areas, whereas in a PUD
project, it does have title to the common areas.
Homeowner's Insurance
An insurance policy for a home and its contents that
provides protection for both hazard and personal
liability insurance.
Homeowner's Warranty
An insurance policy that a buyer purchases usually
upon purchasing a home, which covers certain
repairs, should it become necessary over a specified
period of time, usually 1 year. It is no uncommon
for home sellers to offer a 1- year home warranty
for the family that buys their home.
Housing Ratio
Also called the Payment-to-Income Ratio or Front-End
Ratio, this is the ratio of the monthly mortgage
payment to the borrower’s total gross monthly
income.
HUD (Housing & Urban Development)
U.S. Department of Housing and Urban Development
that regulates Fannie Mae and Ginny Mae.
HUD Medium Income
The median family income for a specific county or
metropolitan statistical area (MSA) that is
estimated by the U.S. Department of Housing & Urban
Development (HUD).
HUD-1 Settlement Statement
Also referred to as the closing statement or
settlement sheet, the HUD-1, which is prepared by
the U.S. Dept. of Housing and Urban Development, is
a document provided to a borrower at closing that
provides an itemized listing of all the fees that
are being paid by the borrower. Items that appear on
the HUD-1 include loan fees, real estate
commissions, points(if any), and initial escrow
(impound) amounts. The totals at the bottom of the
HUD-1 statement provide the seller's net proceeds
and the buyer's total payment.
Hybrid Financing
The combination of two forms of funding, such as
combining a convertible loan with a participation
loan, which gives the lender the right to convert
the debt to a 50% ownership in the real property at
loan maturity. |
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