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Houston Mortgage > Glossary >
Mortgage > H 1-10
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Half-bath
A room that contains a toilet and sink, but no tub or shower.
Hard inquiry
An item on a person's credit report that indicates that someone has asked for a copy of the individual's report. Hard inquiries are requests that result from a person applying for credit, such as a mortgage, a car loan, a credit card or a rental application. They are included in the formula for determining a person's credit score.
Hazard insurance
Insurance coverage that compensates for physical damage to a property from natural disasters such as fire or other hazards. Depending where a piece of property is located, lenders may also require flood insurance or policies covering windstorms (hurricanes) or earthquakes.
Hectare
An area equal to 100 meters by 100 meters
HELOC
An acronym for home equity line of credit.
High-LTV equity loan
A home equity loan that creates a total loan-to-value ratio of up to 125 percent or more. When the total principal of loans leaves homeowners with debt that exceeds the fair market value of the home, the interest paid on the portion of the loan above that value may not be tax deductible.
Historic preservation
A movement to protect buildings with historic value from destruction or extensive renovation.
Historic structure
A building listed in the National Register of Historic Places and certified as historic by the U.S. Secretary of the Interior.
Home equity
The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.
Home equity conversion mortgage
A special type of mortgage, sometimes called a reverse mortgage, that enables older homeowners to convert the equity in their homes into cash, using a variety of payment options to address their specific financial needs. Unlike traditional home equity loans or mortgages, a borrower does not qualify on the basis of income but on the value of the home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property.
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