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Real Estate Glossary and Terms

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Realty Terms beginning with H

A bathroom that does not contain a shower or a bathtub. The room simply contains a toilet and a sink.

Home Equity
The portion of a property's value that the mortgage borrower owns outright. Essentially, it is the difference between the fair market value (selling price) of the home and what is left owing on all mortgages.

Home Equity Debt
Debt secured by your home.

Home Equity Line of Credit
An open-ended loan, paid as revolving debt, that is backed by the equity in a property.

Home Equity Loan
A loan that can replace or be added to the first mortgage. This type of loan is generally used when a home owner wants to make renovations to the property.

Home Inspection
Prior to purchasing a property, the buyer should request that an inspection or examination be conducted. This inspection involves an impartial third party who examines both the visible structure and the internal systems such as heating, water, electrical, etc. The actual sale of the property often depends on the outcome of the home inspection.

Home Warranty
A guarantee on the workmanship or construction of a home including the functionality of some appliances. The warranty also pays for some repairs within a specified period.

Homeowner's Insurance
An insurance policy that includes hazard coverage, coverage for loss or damage to property, as well as coverage for personal liability and theft.

Household Income
The total combined income of all members within a household.