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This site contains comprehensive definitions for a wide range of terms that cover topics such as home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo...

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Captive Agent

A licensed insurance agent who sells insurance for only one company.

Intestate

This means dying without a will, in which case the provincial laws of the province in which the death occurred apply to the manner in which assets will be distributed. In other words, if you don't write your own will, the government will do it for you after your death and it may not be as you would have wished.

Job Loss Insurance (Credit Insurance)

Coverage that can pay down your debt should you become involuntarily unemployed. The payment is made to your creditors to reduce your debt owing.

Policy Anniversary

Yearly event linked to a policy. Usually the date issued.

Risk

Calculated chance of loss.

Underwriting

Evaluating and classifying potential risk of a client.

Waiting Period (Credit Insurance)

A specific time that must pass following the onset of a covered disability before any benefits will be paid under a creditor disability policy. (Also known as an elimination period).

Fixed-Rate Mortgage

A mortgage for which the rate of interest is fixed for a specific period of time (the term).

High Ratio Mortgage

If you don't have 20% of the lesser of the purchase price or appraised value of the property, your mortgage must be insured against payment default by a Mortgage Insurer, such as CMHC.

Mortgagee and Mortgagor

The lender is the mortgagee and the borrower is the mortgagor.

Mortgage Term

The number of years or months over which you pay a specified interest rate. Terms usually range from six months to 10 years.

CBS

Concrete block and stucco.

Braced Framing

A construction method in two-story homes in which the frame is reinforced with posts and braces.

Top Plate

The horizontal member nailed to the top of the studding of a wall.

Related to : home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo.