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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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Inability to work due to injury or sickness.
A written document that serves as evidence of insurance coverage and contains pertinent information about the benefits, coverage and owner, as well as its associated directives and obligations.
The National Housing Act (NHA) authorized Canada Mortgage and Housing Corporation (CMHC) to operate a Mortgage Insurance Fund which protects NHA Approved Lenders from losses resulting from borrower default.
Various expenses associated with purchasing a home. These costs can include, but are not limited to, legal/notary fees and disbursements, property land transfer taxes, as well as adjustments for prepaid property taxes or condominium common expenses, if any.
Mortgage insurance insures the lender against loss in case of default by the borrower. Mortgage insurance is provided to the lender by CMHC or GEMICO and the premium is paid by the borrower.
A loan that has a series of monthly payments with the remaining balance due in a large lump sum payment at the end.
A horizontal beam rafter that supports shorter rafters.
A hollow concrete 'brick' often 8" x 8" x 16" in size. Often used in low rise commercial and some residential construction. The original design and use is attributed to the architect Frank Lloyd Wright.
The triangular end of an exterior wall above the eaves formed under a gable roof.
Stapling to the inside portion of the stud or rafter.
Plastic film used to prevent moisture from passing through unfaced insulation. Both 4- and 6-mil polyethylene are preferred because they are less likely to be damaged during construction.
A small trim molding that has the cross section of a quarter circle.
One of a series of beams that form the slope of a pitched roof and are analogous to floor joists.
A roof that pitches up further on one side than the other. Shed roofs are also used over some porches.
A vertical window beside a door or another window.