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Financial Glossary


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Hard inquiryRequests noted on a credit report that appear after a person applies for a loan or credit.
Hardship LetterA written request for more time before foreclosure—a request for another chance. It is important that the letter includes a legitimate reason for missing mortgage payments and a description of the plan to fix the problems.
Hazard insuranceCoverage for physical property damage due to certain losses (e.g., fire, storms, vandalism).
Home DevaluationOccurs when the property value of a home decreases, usually due to market conditions such as an abundance of available homes or an overall weakened economy.
Home equity line of credit (HELOC)Open-ended, revolving debt taken out in second lien position against the property's accrued equity.
Home equity loanClosed-ended debt taken out in second lien position against the property's accrued equity.
Home inspectionProfessional examination of a home's visible structure and systems, often prior to purchase.
Homeowners association (HOA)Group who enforces CC&Rs and maintains common areas within a housing development.
Homeowners insuranceCoverage for damage to the house and personal property as well as against injury lawsuits.
Homeowners warrantyGuarantee of certain home features, systems and some appliances, for a specific term.
Equal Housing Lender Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency. ©2014 Desert Schools Federal Credit Union