MORTGAGE GLOSSARY: HAZARD INSURANCE to HOMEOWNER'S ASSOCIATION DUES

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Hazard Insurance
A contract whereby an insurer, for a premium, undertakes to compensate the insured for loss on a specific property due to certain hazards.
Example

High-Ratio Loan
Mortgage loans in excess of 80 percent of the loan amount divided by the lower of the sales price or appraised value.
Example

Homeowners' Association Dues
The fees imposed by a condominium or homeowners' association for maintenance of common areas.
Example