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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Dividend

Unlike dividends which are paid to company shareholders, participating insurance policy dividends are not based on the company's overall profits. Rather, they are determined by grouping policies by type and country of issue and looking at how each class contributes to the company's earnings and surplus.

Guaranteed Interest Annuity (GIA)

Interest bearing investment with fixed rate and term.

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.

Deed (Certificate of Ownership)

The document signed by the seller transferring ownership of the home to the purchaser. This document is then registered against the title to the property as evidence of the purchaser's ownership of the property.

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.

Appraisal

A written report by a qualified appraiser estimating the value of a property.

Vaulted ceiling

An arched ceiling.

Appraisal

An expert valuation of property.

Backfill

The replacement of excavated earth into a trench around or against a basement or crawlspace foundation wall.

Barge

A horizontal beam rafter that supports shorter rafters.

Board Foot

Measurement of lumber that is the equivalent of 144 cubic inches.

Construction Documents

All drawings, specifications and addenda associated with a specific construction project.

Gable End Wall

The triangular end of an exterior wall above the eaves formed under a gable roof.

High Voltage System

See Electricity.

Stud

An upright piece of lumber or steel in a wall, to which panels, siding, drywall, or other coverings are attached.