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):

Monthly Home Term Picks:

Accidental Death Benefit (ADB)

Coverage against accidental death usually payable in addition to base amount of coverage.

Applicant

The party applying for an insurance policy.

Canadian Life and Health Insurance Association (CLHIA)

An association of most of the life and health insurance companies in Canada that conducts research and compiles information about the life and health insurance industry in Canada.

Personal Line of credit (Credit Insurance)

A bank's commitment to make loans to a borrower up to a specified maximum during a specific period, usually one year.

Waiting Period (Credit Insurance)

A specific time that must pass following the onset of a covered disability before any benefits will be paid under a creditor disability policy. (Also known as an elimination period).

Amortization Period

The time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, up to a maximum of 40 years.

Equity

The interest of the owner in a property over and above all claims against the property. It is usually the difference between the market value of the property and any outstanding encumbrances.

Fixed-Rate Mortgage

A mortgage for which the rate of interest is fixed for a specific period of time (the term).

Maturity Date

Last day of the term of the mortgage agreement.

CC&Rs

Covenants, conditions and restrictions, which control the use of the property.

Brick Veneer

A vertical facing of brick laid against and fastened to sheathing of a framed wall or tile wall construction.

Mullion

A vertical piece of stone, metal, or wood that divides the panes of a window, the panels of a screen or the doors of a cabinet.

Parging

A rough coat of mortar applied over a masonry wall as protection or finish; may also serve as a base for an asphaltic waterproofing compound below grade.

Radiant Barrier

A radiant barrier is a reflective surface, on or near a building component, that intercepts the flow of radiant energy to and from the building component.

Radiation

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