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Hazard Insurance
a form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like.

Home equity line of credit
A loan against the amount of equity you may have in a property.

Home inspection
A complete and thorough inspection of the physical condition of a property, including all major systems and structural elements. It's conducted by someone who knows what to look for, and who will inform you of what he finds. If he turns up something you don't like and which the seller refuses to repair, you don't proceed with the purchase of the home.

Homeowner's insurance
An insurance policy, required when you take ownership, that combines personal liability insurance and hazard insurance for the home as well as its contents.

Homeowner's warranty
A warranty which will cover repairs to specified parts of a house for a specific period of time. It is provided by the seller (or, if the place is new, the builder) as a condition of the sale.

Hot Market
A market in which houses are selling fast. Otherwise known as a 'seller's market' -- the seller is going to sell their house at very close to the asking price, since there's a lot of demand.

Housing Expenses-to-Income Ratio
the ratio, expressed as a percentage, which results when a borrower's housing expenses are divided by his/her net effective income (FHA/VA loans) or gross monthly income (conventional loans). See debt-to-income ratio.

HUD-1 statement
A document which sets forth an itemized listing of whatever costs must be paid at closing, such as real estate commissions, loan fees, points, and initial escrow amounts. It's also known as the "closing statement" or "settlement sheet."

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