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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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The cost of insuring a particular individual under the policy. It is based on the amount of coverage, as well as the underwriting class, age, sex and tobacco consumption of that individual.
Coverage that can pay down your debt should you become involuntarily unemployed. The payment is made to your creditors to reduce your debt owing.
The amount of money the company must spend on overhead, distribution, taxes, underwriting the risk and servicing the policy. It is a factor in calculating premium rates.
Assets used to pay the pensions of retirees. An investment institution established to manage the assets used to pay the pensions of retirees.
Period between two policy anniversaries.
A medical condition that existed before you became insured. Most policies exclude benefits if the condition is related to the event that triggers a claim if occurs within a certain period (6-12 months) after you became insured.
Before a mortgage can be advanced, the purchaser must have arranged fire insurance. A certificate or binder from the insurance company may be required on closing.
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.
An opening that is placed in the drywalled ceiling of a home providing access to the attic. Sometimes found in halls, closets or garages.
A vaulted ceiling of semi-circular shape, creating a dome-like appearance.
A window that projects outward in a curve.
Part of the framing that provides the structure for a floor. In most homes, floor joists are made of 2x8s or larger lumber set on edge and spaced 16 inches apart, from center to center.
Mirror reversed plans show the design flipped 180 degrees just like looking at it reflected in a mirror. Keep in mind that all of the text will be flipped too. The fee allows you to have one or more sets shipped in mirror reverse format. We recommend having at least one regular set handy.
A horizontal board that serves as the apex of the roof structure.
A "Y" shaped plumbing fitting.