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...

Browse terms by the Alphabetical Index:
A B C D E F G H I J K L M N O P Q R S T U V W Y Z
Search terms for definitions using keywords:

Keyword(s):

Our proprietary algorithm provides many related definitions for each term, helping you better understand the subject.

Monthly Home Term Picks:

Independent Broker

This is a provincial government licensed independent businessperson who usually represents five or more life insurance companies in a sales and service capacity and who is paid a commission by those life insurance companies for sales and service of life insurance products. We for example, have been in business for 12 years and regularly place new business with over twenty different life insurance companies.

Borrower (Credit Insurance)

A consumer who borrows money from a lender.

Daily Interest Accumulation

Account in which interest is accrued daily and credited to the account at the end of a specified time.

Disability

Inability to work due to injury or sickness.

Insurance Policy (Credit Insurance)

A policy under which the insurance company promises to pay a benefit of the person who is insured.

Interest Rate

Rate charged or paid for the use of money, normally expressed as a percentage

Irrevocable Beneficiary

Legal designation that cannot be contested. (See beneficiary)

Deposit

A sum of money deposited in trust by the purchaser when making an offer to be held in trust by the vendor's agent, broker, lawyer or notary until the closing of the transaction.

Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.

Americans with Disabilities Act

The Americans with Disabilities Act which gives civil rights protection to individuals with disabilities similar to those provided to individuals on the basis of race, color, sex, national origin, age, and religion. It guarantees equal opportunity for individuals with disabilities in public accommodations, employment, transportation, State and local government services, and telecommunications.

Architect

One who has completed a course of study in building and design, and is licensed by the state as an architect. One who draws up plans and sometimes supervises the construction of homes.

Convection

Convection is the transfer of heat in fluid or air, caused by the movement of the heated air or fluid itself. In a building space, warm air rises and cold air settles to create a convection loop and is termed free convection. Convection can also be caused mechanically by a fan and is termed forced convection.