HAZARD INSURANCE >> Insurance protecting real property against loss caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.

HOLDBACK >> A portion of a mortgage loan held back by the lender from the customer until a contingency is met by the customer. An example of a contingency would be repairs needed for a property’s roof. Upon completing the required repairs, the lender releases the held back funds to the borrower.

HOME MORTGAGE DISCLOSURE ACT (HMDA) >> This act requires Ameriquest Mortgage Company to report selected information to the Federal government about each application received . HUD (U.S. Department of Housing and Urban Development) uses HMDA to detect discrimination and identify trends in lending patterns.

HOMEOWNERS ASSOCIATION (HOA) >> An association of people who own homes in a given area, formed for the purpose of improving or maintaining the quality of the area. Unpaid HOA dues can become a lien against a property.

HOMEOWNERS ASSOCIATION DUES >> A monthly payment paid to the association for the maintenance and care of the common areas.

HOMEOWNERS’ ASSOCIATION (HOA) >> An association of people who own homes in a given area, formed for the purpose of improving or maintaining the quality of the area. Unpaid HOA dues can become a lien against a property.

HOMEOWNERS’ ASSOCIATION DUES >> A monthly payment paid to the association for the maintenance and care of the common areas.