Please Select the First Letter of Your Term: A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z    Please note that not all mortgage terms are in our database. We are constantly adding new terms so check back a at later date if you do not find the term you are looking for. Home Inspection   A professional inspection of a home to review the condition of the property. The inspection should include an evaluation of the plumbing, heating and cooling systems, roof, wiring, foundation and pest infestation. Homeowner's Insurance   A policy that protects you and the lender from fire or flood, which damages the structure of the house; a liability, such as an injury to a visitor to your home; or damage to your personal property, such as your furniture, clothes or appliances. Housing Expense Ratio   The percentage of your gross monthly income that goes toward paying for your housing expenses. HUD-1 settlement statement   A final listing of the costs of the mortgage transaction. It provides the sales price, and down payment, as well as the total settlement costs required from the buyer and seller.