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Library
Mortgage Definitions
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- Insurance on a property against fire and similar risk.
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- An association of people who won homes in a given area for the purpose of importing or maintaining the quality of the area.
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- An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.
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- Policy which expands the insurance for a homeowner. It may include theft, liability, earthquake, etc.
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- 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.
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- The federal government agency that oversees FHA.
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- 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.
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