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Hazard insurance -- A form of insurance that protects the insured from specified losses due to hazards such as fire, flood, wind damage, etc.

Home equity line of credit -- A loan against the amount of equity you have in a property. The equity serves as security for the new loan.

Home inspection -- A complete and thorough inspection of the physical condition of a property, including all major systems and structural elements, conducted by someone who knows what to look for and who will disclose the findings to you.

Homeowner's insurance -- An insurance policy required by many lenders when you take ownership that combines personal liability insurance and hazard insurance for the home as well as its contents.

homeowner's warranty -- A warranty provided by the seller (or the builder on new homes) as a condition of the sale. Covers repairs to specified parts of a house for a specific period of time.

Hot market -- A market in which houses are selling fast. Also known as a seller's market, because the seller will benefit by selling their house at or above their asking price because, theoretically, high demand drives the price up.

Housing expenses-to-income ratio -- A borrower's housing expenses divided by his /her net effective income (for FHA/VA loans) or gross monthly income (for conventional loans). Expressed as a percentage.

HUD-1 statement, closing statement, settlement sheet -- An itemized listing of whatever costs must be paid at closing, such as real estate commissions, loan fees, points, and initial escrow amounts.

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