Mortgage Terms - "H"

Hazard Insurance:

Insurance on a property against fire and similar risk.

Heirs and Assigns

An association of people who won homes in a given area for the purpose of importing or maintaining the quality of the area.

Homeowners Association

An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.

Homeowner's Policy

Policy which expands the insurance for a homeowner. It may include theft, liability, earthquake, etc.

Homeowners or Maintenance Fees

Payments made by property owner(s) of a condominium or a unit in PUD to the homeowners' association for expenses incurred in upkeep of the common areas.

Housing and Urban Development (HUD)

The federal government agency that oversees FHA.

HUD 1

A closing document required by HUD that outlines the settlement cost of a loan. The closing agent generally prepares the document and buyer receives it shortly after the loan is closed.