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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Deferred Annuity

An annuity providing for income payments to commence at a specified future time.

Lapse

Termination when a policy has no cash value after all attempts at conservation have failed.

Mortgage Life insurance (Credit Insurance)

Decreasing term life insurance that provides a death benefit amount corresponding to the decreasing amount owed on a mortgage.

RRSP

Registered Retirement Savings Plan - A plan enabling Canadian citizens to establish tax-sheltered accounts to accumulate money towards retirement.

Surrender Charge

Expense charges applied when the owner of a policy surrenders a policy for its cash value.

Total Debt Service (TDS) Ratio

The percentage of gross income needed to cover monthly payments for housing and all other debts and financing obligations. The total should generally not exceed 37% of gross monthly income.

Lock

Fixing of an interest rate or points at a certain level.

Point

A point equals 1 percent of a mortgage loan. Lenders charge points as a way to make a profit.

Vaulted ceiling

An arched ceiling.

Bull Nose Drywall

Rounded drywall corners.

Egress

A means of exiting the home. An egress window is required in every bedroom and basement. Normally a 4' X 4' window is the minimum size required.

Insulated Ceiling (I.C.)

Marking on recessed lighting fixture indicating that it is designed for direct insulation contact.

Scotia

A concave molding.

Sidelight

A vertical window beside a door or another window.

Zone Valve

A device, usually placed near the heater or cooler, which controls the flow of water or steam to parts of the building; it is controlled by a zone thermostat.