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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Level Premium Life Insurance

This is a type of insurance for which the cost is distributed evenly over the premium payment period. The premium remains the same from year to year and is more than actual cost of protection in the earlier years of the policy and less than the actual cost of protection in the later years. The excess paid in the early years builds up a reserve to cover the higher cost in the later years.

Living Will

This is a will which specifically expresses the testator's desire not to be kept alive on life support machines, should the occasion arise.

Equity investment

Through equity investment, investors gain part ownership of the corporation. The primary type of equity investment is corporate stock.

Policy Anniversary

Yearly event linked to a policy. Usually the date issued.

Risk

Calculated chance of loss.

Home warranty

Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.

Mortgage broker

An independent individual (or company) who brings together borrowers and lenders together. Unlike a mortgage banker, a mortgage broker does not fund the loan. Instead, the broker originates and processes the loan, and places it with a funding source, such as a bank or thrift. Brokers typically require a fee or a commission for their services.

Central Air Conditioning

A system which uses ducts to distribute cooling and/or dehumidified air to more than one room or uses pipes to distribute chilled water to heat exchangers in more than one room, and which is not plugged into an electrical convenience outlet.

Eaves

The projecting overhang at the lower edge of a roof.

Ice Dam

A condition which can occur with snow and freezing conditions. When snow or ice melts on a roof over a heated or partially heated attic space, the melting water may refreeze over an unheated areas such as a roof overhang. This re-frozen water may create a "dam" and allow additional melt water to back up under shingles and cause leaks (Illustration "A"). Solutions include: proper roof venting and insulation (Illustration "B"), membrane roofing or roofing underlayment, and heat tapes. Once an ice dam occurs, remedies are difficult and or dangerous. Working on a frozen roof should be avoided, as should the use of any open flames. The use of hot water to melt the ice may help, it may also increase the amount of leakage.

Mirror Reverse

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.

MIRAFLEX® Fiber

A revolutionary soft-to-the-touch glass fiber insulation developed by Owens Corning for easier handling and installation. In addition to its virtually itch-free characteristic, insulation with Miraflex® has extraordinary resiliency allowing it to be packaged in more convenient, ultra-compact rolls.

Monolithic Slab

A slab foundation that is part of the footings.

Trap

A "trap" is a triangular window whose top edge follows the pitch of the roof. It is a four sided window but the top edge of the window is angled.

Wall Out

When a painter spray paints the interior of a home.