Ohio Housing Needs Survey - Survey Concepts
Terms and Abbreviations Specific to this survey
Interviewers should become familiar with these the terms and their definitions. This is part of the necessary familiarity that takes place BEFORE actually conducting telephone interviews.
- Home Equity Loan
- A one-time, lump sum loan in which the borrower utilizes the equity of their home as collateral (akin to a second mortgage).
- Home Equity Line of Credit
- Also called a HELOC. A revolving, ongoing loan in which the lender agrees to lend to a borrower, where the collateral is the borrower's equity in his/her house (akin to a second mortgage)
- Free and Clear
- To own one's home with no loans or other liens against it
- Foreclosure
- A situation where a lender seizes and sells a property because the homeowner is unable to make payments on their mortgage
- Foreclosure Notice
- A letter informing the property owner that the holder of their mortgage will be pursuing foreclosure action
- Short Sale
- A sale of a home wherein proceeds will not cover the full amount owed by homeowner. Usually undertaken with the permission of the lender and in lieu of foreclosure.
- Lien
- The right to keep possession of a property technically owned by someone else (e.g. bank or mortgage lender) until the debt owed is discharged
- Detached house
- A free standing residential building that does not touch or butt up against another building
- Duplex
- A house divided into two apartments with a separate entrance for each unit
- Townhome
- An attached, multi-story home that is usually narrower in width than a detached home
- SNAP
- Supplemental Nutrition Assistance Program - A federal benefit which provides vouchers that can be exchanged for food. Formerly known as the "food stamp" program
- TANF
- Temporary Assistance for Needy Families - A cash benefit from the federal government for families and individuals in dire need. Often referred to as "welfare"
- Credit card
- A credit card allows a person to make partial payments for purchases, but charges interest on the amount owed.
- Mortgage
- A legal document that pledges a property to the lender as collateral (security) for payment of a debt.
- Mobile Home/Trailer
- A large house trailer that is parked in one particular place and used as a permanent living accommodation.
- Assisted Living
- Housing for elderly or disabled people that provides nursing care, housekeeping, and prepared meals as needed, typically in their own home
- Nursing Home
- A private institution providing residential accommodations with health care, especially for elderly people
- Student Loan
- A student loan is designed to help students pay for university tuition, books, and living expenses. The repayment schedule may be deferred while the student is still in school
- Mortgage payment Including Taxes and Insurance
- The amount paid toward the principal and interest of a loan plus the cost of monthly homeowners insurance plus a monthly share of the homeowners annually real estate tax
- Real Estate Tax
- Also called property tax. A levy on a property the owner is required to pay. An appraisal estimates the monetary value of each property, and tax is assessed in proportion to that value
- Property Insurance
- Property insurance provides protection against most risks to property, such as fire, theft and some weather damage
- Second Mortgage
- A type of subordinate mortgage made while an original mortgage is still in effect. In the event of default, the original mortgage receives all proceeds from liquidation until it is all paid off
- Rental Agreement
- Also called a lease. It is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset (e.g. a home or apartment)
- Landlord
- A person who rents land, a building, or an apartment to a tenant
- Rent Subsidies
- Government supported funding or financial assistance for its citizens to help provide or afford housing
- Section 8
- A federal program which authorizes the payment of rental housing assistance to private landlords on behalf of approximately 3.1 million low-income households in the US
- Utilities
- A service provided by a public entity - usually electricity, light, water, or gas. Cable, phone and internet costs are sometimes included as well.
- Renter's Insurance
- Property insurance that provides coverage for belongings and liability within a rental property
- Realtor
- A person who acts as an agent for the sale and purchase of buildings and land; a real estate agent
- Fracking
- Also called Hydraulic Fracturing. The process of injecting liquid at high pressure into subterranean rocks, boreholes, etc., so as to force open existing fissures and extract oil or gas
- Down Payment
- A payment made in cash at the onset of an expensive purchase (e.g. a house). The payment represents only a percentage of the full purchase price of which the remainder is financed with a loan
- Closing Costs
- Closing costs are fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is conveyed to the buyer
- Investment
- An asset or item that is purchased with the hope that it will generate income or increase in value in the future
- Stock Market
- The market in which shares of publicly held companies are issued and traded either through exchanges or over-the-counter markets.