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The H’s Of Real Estate

REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA

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(Click A Letter Or Scroll Down To Find A Term Starting With That Letter)


Get to know the language of real estate to get better results when buying or selling a home in the Orlando area
 

Get To Know The “H’s” Of Real Estate

+/- Click A Term To Read Its Definition – Expands Answer In This Same Window – Click Again To Collapse

+/- 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 credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM.

+/- Hazard Insurance

protection against a specific loss, such as fire, wind etc., over a period of time that is secured by the payment of a regularly scheduled premium.

+/- H.E.L.P.

Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the home buying process; HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.

+/- Home Equity Line of Credit

a mortgage loan, usually in second mortgage, allowing a borrower to obtain cash against the equity of a home, up to a predetermined amount.

+/- Home Equity Loan

a loan backed by the value of a home (real estate). If the borrower defaults or does not pay the loan, the lender has some rights to the property. The borrower can usually claim a home equity loan as a tax deduction.

+/- Home Inspection

an examination of the structure and mechanical systems to determine a home’s quality, soundness and safety; makes the potential homebuyer aware of any repairs that may be needed. The homebuyer generally pays inspection fees.

+/- Home Warranty

offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner’s insurance; coverage extends over a specific time period and does not cover the home’s structure.

+/- Homeowner’s Insurance

an insurance policy, also called hazard insurance, that combines protection against damage to a dwelling and its contents including fire, storms or other damages with protection against claims of negligence or inappropriate action that result in someone’s injury or property damage. Most lenders require homeowners insurance and may escrow the cost. Flood insurance is generally not included in standard policies and must be purchased separately.

+/- 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 affordable home, go through financing and closing processes, and avoid mortgage problems that cause people to lose their homes.

+/- Homestead Credit

property tax credit program, offered by some state governments, that provides reductions in property taxes to eligible households.

+/- Housing Counseling Agency

provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and home buying.

+/- HUD

the U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.

+/- 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. Items that appear on the statement include real estate commissions, loan fees, points, and escrow amounts.

+/- HVAC

Heating, Ventilation and Air Conditioning; a home’s heating and cooling system.

Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.

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If you have any questions whatsoever regarding the sale or purchase of a property in the Central Florida area please feel free to call or write me direct. My business hours are Monday thru Friday 9am – 6pm.

Thank you for choosing MORE Realty Services LLC as an information source for your Central Florida real estate needs.

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