Home Inspection Financial Glossary

What is it? An examination of the structure and mechanical systems to determine a homes safety; makes the potential homebuyer aware of any repairs that may be needed.

Finance Term Definition Added By: Sam

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Other Similar Finance Terms:

Financial Term Insurance Premium Tax is Tax imposed on most insurance policy premiums (it does not apply to life insurance policies).

Financial Term Freddie Mac is (see Federal Home Loan Mortgage Corporation)

Financial Term Annuity is A stream of equal payments to an individual, such as to a retiree, that occur at predetermined intervals (that is, monthly or annually). The payments may continue for a fixed period or for a contingent period, such as for the recipients lifetime. Although annuities are most often associated with insurance companies and retirement programs, the payment of interest to a bondholder is also an example of an annuity.

Financial Term HUD1 Statement is Also known as the settlement sheet, it itemizes all closing costs; must be given to the borrower at or before closing.

Financial Term Lapse is The termination of an insurance policy because you havent paid the premium(s) on it