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Information about home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo.

 


Main Page: condo, home insurance, credit, first time homebuyer, insurance, homebuying, homes, home financing, buy home,

 

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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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Errors and Omissions Insurance

Insurance coverage purchased by the agent/broker which provides protection against loss incurred by a client because of some negligent act, error, oversight, or omission by the agent/broker.


Grace Period

A specific period of time after a premium payment is due during which the policy owner may make a payment, and during which, the protection of the policy continues. The grace period usually ends in 30 days.


Contingencies

Events that are possible, but may or may not happen. Premium rates and acceptance of certain risk are based on contingencies.


Appraisal

The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home.


Maturity Date

Last day of the term of the mortgage agreement.


Prepayment Option

The ability to prepay all or a portion of the principal balance. Prepayment charges may be incurred on the exercise of prepayment options.


Renewal

At the end of a mortgage term, the mortgage may "roll over" on new terms and conditions acceptable to both the lender and the borrower. This is known as renewing a mortgage. Otherwise, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.


Assessed value

The dollar value of an asset assigned by a public tax assessor for the purposes of taxation.


Title insurance

Insurance that protects against loss from disputes over ownership of a property. A policy may protect the mortgage lender, the home buyer, or both.


Girders

Crossbeams that support floor joists.


High Voltage System

See Electricity.


Radiation

Radiation is the transfer of heat or energy from a hot surface to a cold surface through air or through a vacuum.


Shed Roof

A roof that pitches up further on one side than the other. Shed roofs are also used over some porches.


Sump

A pit in the basement in which water collects to be pumped out with a sump pump.


Widow's Walk

A platform with a rail around it, built onto the roof of a house. The platform is accessible by stairs or a ladder from the interior of the house. See Plan #10433 for an example.


 

 

 

 

 


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