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Mortgage Glossary

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Hazard Insurance

See Homeowner's Insurance.

Home Equity Line of Credit (HELOC)

A line of credit that allows you to borrow money using your home's equity as collateral. A Home Equity Line of Credit works like a credit card, but features a lower, variable interest rate. You can draw cash as you need, using convenience checks supplied by your lender, and only pay interest on the amount you use.

Home Equity Loan

A loan that allows the home owner to borrow money using their home's equity as collateral. The borrowers receive the loan as a lump sum at the time of closing. These loans are sometimes useful for families to help finance major home repairs, medical bills or college education.

Home Inspection

A thorough examination by a professional home inspector of a home's visible structure, which will make you aware of any repairs that may be needed. The inspection period is stated in your contract.

Homeowner's Insurance

Insurance for home loss caused by fire, vandalism, and other damaging events, depending upon the terms of the policy. Flood or wind insurance may require additional coverage. Homeowner's insurance is required to close on a loan. Also known as Hazard Insurance.