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Home Terms Main Page
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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Term life insurance products are offered as non-convertible or convertible to a certain time in the future. The coversion right has a time limit, usually to the policy holder's age 60 or possibly even age 70. This right means that the policy holder has the right to convert their existing policy to another specific different plan of permanent insurance within the specified time period, without providing evidence of insurability. There is a slightly higher cost for a term policy with the conversion priviledge but it is a valuable feature should a policy holder's health change for the worst and continued insurance coverage becomes a necessity.
This is a tax planning strategy of arranging for income to be transferred to family members who are in lower tax brackets than the one earning the income, thus reducing taxes. Even though attribution rules limit income splitting, there are still a number of legitimate ways to do so, such as through the use of spousal RRSPs.
This is the person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a partnership or a corporation. There are instances in marriage breakup (or relationship breakup with dependent children) where appropriate life insurance on the support provider, owned and paid for by the ex-spouse receiving the support is an acceptable method of ensuring future security.
A plan that primarily provides retirement and long-term disability income benefits for residents of Quebec.
A product that provides life coverage for a specified duration typically not beyond the age of 75.
Renegotiating your existing mortgage agreement. May include increasing the principal or paying out the mortgage in full.
A home with a courtyard as its main entrance.
Insurance that protects mortgage lenders against default on loans by providing a way for mortgage companies to recoup the costs of foreclosure. PMI is usually required if the down payment is less than 20 percent of the sale price. Home buyers pay for the coverage in monthly installments. PMI should be terminated when the home buyer has built up 20 percent equity in the property.
A basement is a usable foundation that typically has ceiling heights of 8' and is often finished off as living or storage space.
Crossbeams that support floor joists.
A device which uses compression and decompression of gas to heat and/or cool a house.
A groove cut in a board to receive another board.
A Radiant Barrier System (RBS) is a building section that includes a radiant barrier facing an air space.
Right reading reverse plans show the design flipped 180 degrees with all of the text reading normally. When you choose this option, we ship each set of purchased blueprints in this format.
See Lap Siding