[H]

HELP Home buyer 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 home buyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.

Home Inspection
An examination of the structure and mechanical systems to determine a home's safety; makes the potential home buyer aware of any repairs that may be needed.

Home Warranty
Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner's insurance; ,overage extends over a specific time period and does not cover the home's structure.

Homeowner's Insurance
An insurance policy that combines protection against damage to a dwelling and Is contents with protection against claims of negligence )r inappropriate action that result in someone's injury or )property damage.

Housing Counseling Agency
Provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and home buying

HUD
The US 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," it itemizes all closing costs; must be given to the borrower at or before closing.

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

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[I]

Index
A measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.

Inflation
The number of dollars in circulation exceeds the amount of goods and services available for purchase; inflation results in a decrease in the dollar's value.

Interest
A fee charged for the use of money.

Interest Rate
The amount of interest charged on a monthly loan payment; usually expressed as a percentage.

Insurance
Protection against a specific loss over a period of time that is secured by the payment of a regularly scheduled premium.

Interest rate swap
A transaction between two parties in which each agrees to exchange payments tied to different interest rates or indices for a specified period of time, generally based on a notional principal amount.

Intermediate-term mortgage
A mortgage loan with a contractual maturity at time of purchase equal to or less than 20 years.

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[J]

Judgment
A legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.

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