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Hedge [back to top]
A complex money market instrument whose purpose of is to insure a mortgage lender (or borrower, through a protected or split-term mortgage) against interest rate movements. In the case of lenders, the price of this insurance will vary depending upon many different factors, but will generally be lower when interest rates and the economy are less volatile. Conversely, the buyer can hedge at no cost, or at a reasonable rate premium, by using specifically designed products.

High-Ratio Mortgage [back to top]
A mortgage where the Loan To Value ratio is greater than 75% of the value of the property; this type of mortgage normally requires the mortgagee tp purchase insurance to ensure the lender is protected against default.

Hold Back [back to top]
An amount of money retained by a construction lender or owner until satisfactory completion of the work performed by a contractor.

Home Inspection Report [back to top]
A report commissioned by a property owner or purchaser, usually to verify the condition of a property prior to the "firming up" of a Real Estate transaction. The scope and detail may vary, but most reports indicate the specific problem and the cost to repair. Unfortunately, no licensing is required, and this service is not specifically regulated other than by general consumer protection legislation. The best safeguard against inadequate work is to ask for the resume of the Inspector, and if possible check references from previous customers.