Home Equity Line of Credit - A home equity line of credit is a credit line that is kept open and restored as you pay off what is owed. An equity line of credit also has a high credit limit similar to a credit card that you are allowed to draw upon as needed.

Homeowners Insurance - Just as you insure your automobile to protect against theft and damage, you insure your home. Homeowners insurance is required by all lenders to protect their investment, and must be obtained before closing. In most cases, coverage must be equal to the loan balance, or the value of the home. Varies - $350 and up, a standard policy insures the home and the homeowners possessions.

Housing Expense Ratio - The percentage of gross monthly income devoted to housing costs. This is a method used in qualifying borrowers.

Housing and Urban (or HUD) - Housing and Urban Development, the U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration.