Southwest Florida Real Estate
Real Estate and Mortgage Terms Glossary
Real Estate and Mortgage transactions have languages all their own. Since most people don't use these terms on any type of a regular basis, we are providing this real estate and mortgage term glossary as a quick and easy reference for you to use. Rather than being unsure about a terms meaning, you can check here first. Of course, if you need a more in-depth understanding, please contact us directly and we'll be happy to assist you.
Terms - Letters G to H
A steeply angled, triangular roof.
Iron pipe with a galvanized (zinc) coating.
A "barn-like" roof, where the upper portion of the roof is less-steeply angled than the lower part.
A broad-based claim against several properties owned by a defaulting party.
A classic, English-style hose characterized by simple rectangular shape and multiple stories.
Ground Fault Interrupter. A type of circuit breaker required in areas where water is present.
A letter that a family member writes verifying that they have given you a certain amount of money as a gift and that you don't have to repay it. You can then use this money towards your down payment on some mortgages.
A wholly owned corporation created in 1968 within the U.S. Department of Housing and Urban Development to serve low-to moderate-income homebuyers.
A main supporting beam.
GOOD FAITH ESTIMATE
A lender's disclosure required under RESPA showing a borrower all the loan closing costs known to the lender at the time of application. See Loan Closing Costs.
Any mortgage insured by a government agency, such as the FHA or VA.
The slope of land around a building. Also ground level.
Any person who is given ownership of a piece of property.
Any person who gives away ownership of a piece of property.
The sum total of all floor space, including areas such as stairways and closet space. Often measured based on external wall lengths.
The total income derived from doing business or earning a income before any costs or expenses are deducted.
A single-family residential structure designed or adapted for occupancy by unrelated developmentally disabled persons. The structure provides long-term housing and support services that are residential in nature.
Material used around ceramic tile.
The trough around the edge of the roof that catches and diverts rain.
Insurance covering damage to a property caused by hazards such as fire, wind and accident. See Homeowners Insurance.
The framing elements above an opening such as a window or door.
The floor of a fireplace or the area immediately in front of it.
A municipal restriction on the maximum height of any building or other structure. See Florida State Information.
Assets of a property which contribute to its value, but are not readily apparent. Examples might include upgraded or premium building materials.
Any claim on a property that does not appear in the public records. An unknown heir or unrecorded lien.
HIGHEST AND BEST USE
The most profitable and likely use of a property. Selected from reasonably probable and legal alternative uses, which are found to be physically possible, appropriately supported and financially feasible to result in the highest possible land value.
HOME EQUITY CONVERSION MORTGAGE (HECM)
Also known as a reverse annuity mortgage. It allows home owners (usually older) to convert equity in the home into cash. Normally paid by the lender in monthly payments. HECM's typically do not have to be repaid until the borrower is no longer occupying the home.
HOME EQUITY LINE OF CREDIT
A type of mortgage loan that allows the borrower to draw cash against the equity in his home.
A complete examination of a building to determine its structural integrity and uncover any defects in materials or workmanship which may adversely affect the property or decrease its value. For more information, visit Home Inspections.
A person who performs professional home inspections. Usually, with an extensive knowledge of house construction methods, common house problems, how to identify those problems and how to correct them. See www.ASHI.org
An organization of home owners in a particular neighborhood or development formed to facilitate the maintenance of common areas and to enforce any building restrictions or covenants. See our Condo & HOA Documents and Gated Communities pages for more information.
A policy which covers a homeowner for any loss of property due to accident, intrusion or hazard.
An insurance policy covering the repair of systems and appliances within the home for the coverage period. For more information, visit Homeowner Warranties.
Term used to describe three separate but related situations: (1) a tax exemption, (2) a tract of land limited in size and (3) a statutory condition designed to protect the interests of a spouse and lineal descendants. The standard exemption is currently $25,000 in Florida.
HOUSING EXPENSE RATIO
The percentage of your gross monthly income that goes towards paying your housing expenses.
HUD MEDIAN INCOME
Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).
A standardized, itemized list, published by the U.S. Department of Housing and Urban Development (HUD), of all anticipated Closing Costs connected with a particular property purchase. See Title Insurance.