All of "H"

Question 1

Hazard Insurance

Answer 1

Coverage that protects owner against damage caused by fires, sever storms, natural events, etc.

Question 2

High Cost Mortgage

Answer 2

A mortgage is also considered to be a high-cost mortgage if its points and fees exceed: 5% of the total loan amount if the loan amount is equal to or more than $22,969 (2022), or. 8% of the total loan amount or $1,148 (whichever is less) if the loan amount is less than $22,969.

(Needs to exceed loan by one or more of the 3 thresholds)

Question 3

Home Equity Loan

Answer 3

A line of bank credit given to a homeowner, using the homeowners equity(value) in the home as collateral(Can use value to pay for stuff)

Question 4

Home Inspection

Answer 4

Observes and reports on the condition of a real estate property. (usually when its on the market to be sold)

Question 5

Home Mortgage Disclosure Act of 1975 (HMDA) (Reg C)

Answer 5

Requires certain financial institutions to collect, report, and disclose information about heir mortgage lending activity. (Mortgage brokers are exempt)

Question 6

Homeowners insurance

Answer 6

Homeowners insurance is a package policy. This means that it covers both damage to property and liability or legal responsibility for any injuries and property damage policyholders or their families cause to other people. This includes damage caused by household pets.

Question 7

Homeowners warranty (HOW)