Bear Island Land Co., Inc.

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Dictionary of Terms

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Hazard Insurance
A form of insurance in which the insurance company protects the insured from specified losses, such as fires, windstorm and the like.
Homestead Exemption
Often called "homestead" or "homestead right"; a right given by statue to a householder or head of a family to designate real estate as his homestead and said homestead is exempt, up to a stated amount, from execution by his creditors.
Housing Expenses-To-Income Ratio
The ratio, expressed as a percentage, which results when a borrower's housing expenses are divided by his/her net effective income (FHA/VA loans) or gross monthly income (conventional loans). See debt-to-income ratio.

 

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Ely, Minnesota's most experienced Realtors, serving Buyers and Sellers in the Ely, MN area since 1995.