Loan Terminology
Term | Main definition |
---|---|
Home Equity Line of Credit | A type of home equity loan that allows you to access money as a line of credit. |
Home Equity Loan | A loan based on the mount of equity in your home. |
Homeowners Association (HOA) | A group of homeowners within a defined community, or complex who make decisions about maintenance and repair of the land and common areas and enforce agreed-upon covenants, conditions, and restrictions (CC&Rs). |
Homeowners Insurance | A form of insurance that protects your property against loss from theft, liability, and most common disasters. |
Homestead | A property-tax classification for owner-occupied homes that reduces the amount paid for property taxes. |
Housing Co-Op | A legal entity by which a group of people share ownership of one or more residential buildings. The shareholder-owners divide the mortgage, taxes, insurance, maintenance, and other expenses. |