Glossary of Terms
Mortgage. Real Estate & Insurance
- (1) Portion of a loan commitment not funded until some additional requirement such as rental or completion is attained.
(2) In construction or interim lending, a percentage of the contractor's draw is held back to provide additional protection for the interim lender, often an amount equal to the contractor's profit, which is given over when the interim loan is closed.
- HOMEOWNERS' ASSOCIATION DUES
- A monthly payment paid to the association for the maintenance and care of the common areas.
- Housing Ratio
- Housing expense/effective gross income.
- HUD-1 (or HUD-1a)
- Final statement of the actual settlement costs of the loan and all other disbursements of a loan's proceeds. A Federal requirement under RESPA. Same as SETTLEMENT STATEMENT.