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Houston Mortgage > Glossary >
Home Equity > U 1-10
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U.S. Department of Housing and Urban Development
A federal department that formulates and enforces housing policy and oversees the Federal Housing Administration.
Underwater
In secured loans, such as mortgages, home equity or auto loans, it means owing more than the asset is worth. For example, if you borrowed $250,000 for a home, put no money down and home values declined, you would be underwater on your mortgage.
Underwriting
The process by which a lender decides whether to lend money, based on the value of the property, the borrower's credit history and any other relevant factors.
Unearned income
Income such as interest, dividends, capital gains or rents, as opposed to earned income, such as wages, tips and salaries.
Unrecorded deed
A document that transfers title to property, but which is not filed with a county recorder.
Unsecured claim
A claim or debt for which a creditor holds no special assurance of payment, unlike a mortgage or lien; a debt for which credit was extended based solely upon the creditor''s assessment of the debtor''s future ability to pay.
Unsecured loan
An advance of money that is not secured by collateral.
Upgrades
Options that allow buyers of newly built houses to select higher-quality floor coverings, cabinets, windows and other amenities for more money.
Upside-down
A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. In automobiles, it is most common in the early years of a lease or loan, when the car is depreciating rapidly but the balance owed remains very high. Also see depreciation.
Upzoning
The process, often controversial, of changing the zoning in an area, usually to allow greater density or commercial use. Sometimes the term is used to mean the opposite -- changing the zoning in a broad area to limit growth and density.
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