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Valley Real Estate
Phone: (330) 629 - 9200 |
| - hard money lenders
- Lending companies offering a specialized type of real-estate backed loan. Hard money lenders provide short-term loans (also called a bridge loan) that provide funding based on the value of real estate that has been collateralized for the loan. Hard money lenders typically have much higher interest rates than banks because they fund deals that do not conform to bank standards.
- hazard insurance
- Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards.
See also >> homeowner's Insurance. - highest and best use
- In real estate appraisal, a concept which states that the value of a property is directly related to the use of that property. The 'highest and best' use is the use that will reasonably produce the highest property value (which may or may not be the current use of the property).
- historic district
- A historic district in the United States is a group of buildings, properties or sites that have been designated by one of several entities on different levels as historically or architecturally significant. The U.S. federal government designates historic districts through the U.S. Department of Interior, under the auspices of the National Park Service. Federally designated historic districts are listed on the National Register of Historic Places.
See ► - Home Affordable Modification Program
In March of 2009 then President Obama initiated the Home Affordable Modification Program as part of the so-called 'Stimulus Bill of 2009.' The program is designed to provide relief to homeowners in danger of foreclosure due to unaffordable monthly payments. See also ► - of the program here
- of the complete program here.
- Home Equity Conversion Mortgage (HECM)
A special type of mortgage that enables older home owners to convert the equity they have in their homes into cash, using a variety of payment options to address their specific financial needs. A borrower does not qualify for a home equity loan on the basis of income. The lender will look to the value of his or her home and more specifically to the value of the owner's equity in the home In addition, the loan does not have to be repaid until the borrower no longer occupies the property. Sometimes called a reverse mortgage. - home equity line of credit (HELOC)
- A mortgage loan, usually in a subordinate position, that allows the borrower to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in a property. Contrast with home equity loan.
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- home equity loan (HEL)
a home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. These loans serve many purposes making home repairs to paying for a college education. A home equity loan creates a lien against the borrower's house, and reduces actual home equity. Note the difference between a home equity loan and a home equity line of credit (HELOC). A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate. - home inspection
- A satisfactory home inspection is often included as a contingency by the purchaser.
A home inspection is when a paid professional inspector -- often a contractor or an engineer -- inspects the home, searching for defects or other problems that might plague the owner later on. They usually represent the buyer and or paid by the buyer. The inspection usually takes place after a purchase contract between buyer and seller has been signed. Contrast with appraisal. See also ► - HomeKeeperSM
- Fannie Mae's adjustable-rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value. Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible.
- homeowners' association
- A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.
- homeowners' insurance (HOI)
- Home insurance, also commonly called hazard insurance or homeowners insurance (abbreviated as HOI ), is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.
See also ► - Home Buyers -
- Real Estate Guide: Owners -
- homeowner's warranty (HOW)
- A type of service contract that 'insures' equipment and appliances such as dishwashers, plumbing systems, electrical systems etc. that fail due to normal wear and tear for a specific period of time. It is sometimes provided by a builder or property seller as a condition of the sale, if not, you can buy a on your own. Home warranty contracts do not cover all home repairs in all circumstances.
A Home Warranty protects against the high costs of home and appliance repair by offering home warranty coverage for houses, townhomes, condominiums, mobile homes, and new construction homes. When a problem occurs with a covered appliance or mechanical system such as an air conditioning unit or furnace, a service technician repairs or replaces it. The homeowner pays for a service call fee and the home warranty company pays the balance for the repair or replacement of the covered item. See also ► - Home Buyers -
- Real Estate Guide: Owners -
- Press Release -
- home stager
- Professional Home Staging is the fastest growing new trend in home marketing. Home Staging is professionally preparing homes for sale, so that they appeal to the most amount of buyers and generate the highest price in the least amount of time on market. In today's market conditions. Staging sells homes.
See also ► - REALTOR Designation -
- Home Sellers -
- homestead exemption
- A homestead exemption as it applies to property taxes is usually a fixed monetary amount (i.e. In Ohio the first $25,000 of the assessed value. The remainder is taxed at the normal rate.) In this case, a home valued at $100,000 would only be taxed on $75,000 for a savings of about $400.
The homestead exemption in Ohio is available to all owner-occupants 65 years and older, all totally and permanently disabled owner-occupants, and surviving spouses of a qualified homeowner, and who was at least 59 years old on the date of their spouse’s death. Ohio law defines a homestead as the owner’s dwelling and up to one acre of land. The value of the exemption may not exceed the value of the homestead. In Ohio, the exemption is not automatically given, you must apply for it at the county auditor's office of your jurisdiction. () The intention of the exemption is to shift the burden of tax liability to those who can most afford it. Therefore, it is most often applied only to the elderly or disables, who still own and live in the property, and who are frequently on fixed incomes. In Ohio the State reimburses local governments and schools for revenue lost to homestead exemptions. Other provisions in a states homestead exemption may also protect the value of the owner-occupants' homes from certain creditors (not including mortgage creditors or tax liens), and circumstances arising from the death of the owner-occupant's spouse. Florida is a noteworthy example. Laws enacting these protections are found in individual state statutes and vary widely from state to state. Consult with an attorney to see how your state may apply the homestead exemption. See also ► -
- for Senior Citizens, Disabled Persons and Surviving Spouses
- homestyle® mortgage loan
- A mortgage that enables eligible borrowers to obtain financing to remodel, repair, and upgrade their existing homes or homes that they are purchasing. The financing takes the form of a conventional second mortgage or a Federal Housing Administration (FHA) Section 203(k) first mortgage.
- Housing Choice Voucher Program
- See >> Section 8.
- housing expense ratio
- The percentage of gross monthly income that goes toward paying housing expenses.
- HUD
- The , often abbreviated HUD , is a Cabinet department of the United States government. Although its beginnings were in the House and Home Financing Agency, it was founded in 1965 to develop and execute policy on housing and cities. It has largely scaled back its urban development function and now focuses primarily on housing.
- HUD median income
- Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the
- HUD-1 statement
The HUD-1 statement (also known as the "closing statement") is a document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD). See also ►
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