Definition
Hazard Insurance
Property insurance covering physical damage, required by lenders as a condition of the loan.
Nearby terms
Ginnie Mae
The Government National Mortgage Association, which guarantees securities backed by government-insured loans including FHA and VA.
Good Faith Estimate
The predecessor to the Loan Estimate, replaced for most mortgages in 2015.
HELOC
A home equity line of credit — a revolving, usually variable-rate credit line secured by the property, typically in second lien position.
Home Equity Loan
A fixed-rate lump-sum loan secured as a second lien against the property.
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