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Loan Glossary - H
Hazard Insurance
 

Insurance for a specific property that protects the insured for loss caused by natural causes (i.e., fire, disasters and vandalism, depending on the terms of the policy also known as Homeowner's Insurance).


Home Equity Loan
 

A type of loan that allows homeowners to acquire a loan in addition to their original mortgage/lien using a portion or all of the equity in their home (primary residence). A home equity loan is a generally a second mortgage on the subject property and may be used for any personal needs (i.e., college education, debt consolidation, home improvement, etc).


Homeowner's Insurance
 

Insurance for a specific property that protects the insured for loss caused by natural causes (i.e., fire, disasters and vandalism, depending on the terms of the policy also known as Hazard Insurance).

 

 

 


 

 

 

 

 

   
 

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