Arizona Real Estate
Mortgage Professional

Fidel Manzano 10000 N 31st Ste. A103 Phoenix, AZ 85051 Profusion Real Estate Off.: 602.499.3143 Off.2: 602.795.8538 Cell: 602.499.3143 Fax: 602.795.8539

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The Loan Process Tips and Tricks FAQs Glossary

Glossary

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Hazard Insurance (Fire Insurance, Homeowner's insurance)
Insurance on a property against fire and other risks. A homeowner's policy may have additional coverage for theft, liability, etc. that a fire insurance policy may not cover.
Homeowners Association
An association of homeowners in a particular subdivision, planned unit development (PUD), or condominium organized to manage the common area of the development and to enforce the association rules and regulations.
Homestead
Status provided to a homeowner's principal residence in some states that protects the home against judgements up to specified amounts.
Homestead Exemption
Available in some states - this causes the assessed value of a principal residence to be reduced by the amount of the exemption for the purposes of calculating property tax.Example : John's principal residence is assessed at $100,000 and the homestead exemption is $7,000. His property taxes will be based on $93,000.
Home Warranty Plan
Insurance that covers appliances, heating systems, etc. Typically purchased at the time of closing.
Housing and Urban Development
A U.S. government agency established to implement certain federal housing and community development programs.
Housing Code
A local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings.
HUD 1
A closing document required by HUD that outlines the settlement cost of a loan. The closing agent prepares this document and sends it to the buyer upon closing.
Hypothecate
To pledge a property as security without having to give up possession of it.