- acceleration clause
- A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.
- Acoustics
- Science dealing with the production, control, transmission, reception and effects of sound, and the process of hearing.
- adjustable-rate mortgage (ARM)
- A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.
- adjustment date
- The date the interest rate changes on an adjustable-rate mortgage.
- Aggregate
- Sand, gravel, crushed stone or other material that is a main constituent of Portland Cement, concrete and aggregated gypsum plaster. Also, polystyrene, perlite and vermiculite particles used in texture finishes.
- AIA
- American Insurance Assn., successor to the National Board of Fire Underwriters and a nonprofit organization of insurance companies. Also, American Institute of Architects.
- Airborne Sound
- Sound traveling through the medium of air.
- amortization
- The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.
- amortization schedule
- A table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero.
- Anchor
- Metal securing device embedded or driven into masonry, concrete, steel or wood.
- Anchor Bolt
- Heavy, threaded bolt embedded in the foundation to secure sill to foundation wall or bottom plate of exterior wall to concrete floor slab.
- annual percentage rate (APR)
- This is not the note rate on your loan. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your actual loan amount. You will come up with a number close to the APR. Because you are using the same payment on a smaller amount, the APR is always higher than the actual note rate on your loan.
- Annular Ring Nail
- A deformed shank nail with improved holding qualities specially designed for use with gypsum board.
- ANSI
- American National Standards Institute, a nonprofit, national technical association that publishes standards covering definitions, test methods, recommended practices and specifications of materials. Formerly American Standards Assn. (ASA) and United States of America Standards Institute (USASI).
- application
- The form used to apply for a mortgage loan, containing information about a borrower's income, savings, assets, debts, and more.
- appraisal
- A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
- appraised value
- An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.
- appraiser
- An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent.
- appreciation
- The increase in the value of a property due to changes in market conditions, inflation, or other causes.
- Area Separation Wall
- Residential fire walls, usually with a 2- to 4-hour rating, designed to prevent spread of fire from an adjoining occupancy; extends from foundationGlossFoundation.1041 to or through the roof. Identified by codes as either "fire wall", "party wall" or "townhouse separation wall."
- ASA
- Formerly American Standards Assn., now American National Standards Institute (ANSI).
- assessed value
- The valuation placed on property by a public tax assessor for purposes of taxation.
- assessment
- The placing of a value on property for the purpose of taxation.
- assessor
- A public official who establishes the value of a property for taxation purposes.
- asset
- Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others.
- assignment
- When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.
- assumable mortgage
- A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.
- assumption
- The term applied when a buyer assumes the seller's mortgage.
- ASTM
- Formerly American Society for Testing and Materials, now ASTM, a nonprofit, national technical society that publishes definitions, standards, test methods, recommended installation practices and specifications for materials.
- Attenuation
- Reduction in sound level.
- Back Blocking
- A short piece of gypsum board adhesively laminated behind the joints between each framing member to reinforce the joint.
- Backup Strips
- Pieces of wood nailed at the ceiling-sidewall corner to provide fastening for ends of plaster base or gypsum panels.
- Balloon Frame
- Method of framing outside walls in which studs extend the full length or height of the wall.
- balloon mortgage
- A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty-year period, but requires that at the end of the tenth year the entire remaining balance must be paid.
- balloon payment
- The final lump sum payment that is due at the termination of a balloon mortgage.
- bankruptcy
- By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishment of an ability to repay debt.
- Bar Joist
- Open-web, flat truss structural member used to support floor or roof structure. Web section is made from bar or rod stock, and chords are usually fabricated from "T" or angle sections.
- Batten
- Narrow strip of wood, plastic, metal or gypsum board used to conceal an open joint.
- BCMC
- Board for the Coordination of Model Codes; part of the Council of American Building Officials Association (CABO).
- Beam
- Loadbearing member spanning a distance between supports.
- Bearing
- Support area upon which something rests, such as the point on bearing walls where the weight of the floor joist or roof rafter bears.
- Bed
- To set firmly and permanently in place.
- Bending
- Bowing of a member that results when a load or loads are applied laterally between supports.
- bill of sale
- A written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds.
- biweekly mortgage
- A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty-year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty-year mortgage. They charge a set-up fee and a transfer fee for every payment. Your funds are deposited into a trust account from which your monthly payment is then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce your principle. You could save money by doing the same thing yourself, plus you have to have faith that once you transfer money to them that they will actually transfer your funds to your lender.
- Board Foot (Bd. Ft.)
- Volume of a piece of wood, nominal 19 x 129 x 18. All lumber is sold by the board-foot measure.
- bond market
- Usually refers to the daily buying and selling of thirty-year treasury bonds. Lenders follow this market intensely because as the yields of bonds go up and down, fixed rate mortgages do approximately the same thing. The same factors that affect the Treasury Bond market also affect mortgage rates at the same time. That is why rates change daily, and in a volatile market can and do change during the day as well.
- Bonding Agent
- A compound that will hold materials together by bonding to the surfaces to be joined.
- bridge loan
- Not used much anymore, bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment. One reason for their fall from favor is that there are more and more second mortgage lenders now that will lend at a high loan to value. In addition, sellers often prefer to accept offers from buyers who have already sold their property.
- Brick Veneer
- Non-loadbearing brick facing applied to a wall to give appearance of solid-brick construction; bricks are fastened to backup structure with metal ties embedded in mortar joints.
- Bridging
- Members attached between floor joists to distribute concentrated loads over more than one joist and to prevent rotation of the joist. Solid bridging consists of joist-depth lumber installed perpendicular to and between the joists. Cross-bridging consists of pairs of braces set in an "X" form between joists.
- broker
- Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. (See the Home Loan Library that discusses the different types of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.
- buy down
- Usually refers to a fixed rate mortgage where the interest rate is "bought down" for a temporary period, usually one to three years. After that time and for the remainder of the term, the borrower's payment is calculated at the note rate. In order to buy down the initial rate for the temporary payment, a lump sum is paid and held in an account used to supplement the borrower's monthly payment. These funds usually come from the seller (or some other source) as a financial incentive to induce someone to buy their property. A "lender funded buy down" is when the lender pays the initial lump sum. They can accomplish this because the note rate on the loan (after the buy down adjustments) will be higher than the current market rate. One reason for doing this is because the borrower may get to "qualify" at the start rate and can qualify for a higher loan amount. Another reason is that a borrower may expect his earnings to go up substantially in the near future, but wants a lower payment right now.
- CABO
- Council of American Building Officials Association, made up of representatives from three model codes. Issues National Research Board (NRB) research reports.
- call option
- Similar to the acceleration clause.
- Camber
- Curvature built into a beam or truss to compensate for loads that will be encountered when in place and load is applied. The crown is placed upward. Insufficient camber results in unwanted deflection when the member is loaded.
- Cant Beam
- Beam with edges chamfered or beveled.
- Cant Strip
- Triangular section laid at the intersection of two surfaces to ease or eliminate effect of a sharp angle or projection.
- cap
- Adjustable Rate Mortgages have fluctuating interest rates, but those fluctuations are usually limited to a certain amount. Those limitations may apply to how much the loan may adjust over a six-month period, an annual period, and over the life of the loan, and are referred to as "caps." Some ARMs, although they may have a life cap, allow the interest rate to fluctuate freely, but require a certain minimum payment which can change once a year. There is a limit on how much that payment can change each year, and that limit is also referred to as a cap.
- Carrying Channel
- Main supporting member of a suspended ceiling system to which furring members or channels attach.
- Casement
- Glazed sash or frame hung to open like a door.
- cash-out refinance
- When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as a "cash out refinance." certificate of deposit
- A time deposit held in a bank which pays a certain amount of interest to the depositor.
- Casing
- The trim around windows, doors, columns or piers.
- Cement Board
- A factory-manufactured panel, 1/4" to 3/4" thick, 32" to 48" wide, and 3' to 10' long, made from aggregated and reinforced portland cement.
- certificate of deposit index
- One of the indexes used for determining interest rate changes on some adjustable rate mortgages. It is an average of what banks are paying on certificates of deposit.
- Certificate of Eligibility
- A document issued by the Veterans Administration that certifies a veteran's eligibility for a VA loan.
- Certificate of Reasonable Value (CRV)
- Once the appraisal has been performed on a property being bought with a VA loan, the Veterans Administration issues a CRV.
- chain of title
- An analysis of the transfers of title to a piece of property over the years.
- Chalk Line
- Straight working line made by snapping a chalked cord stretched between two points, transferring chalk to work surface.
- Cladding
- A non-load-bearing exterior wall enclosing a building. It may be brick, aluminum, steel, bronze, plastic, glass, stone, or other acceptable material.
- clear title
- A title that is free of liens or legal questions as to ownership of the property.
- closing
- This has different meanings in different states. In some states a real estate transaction is not consider "closed" until the documents record at the local recorder's office. In others, the "closing" is a meeting where all of the documents are signed and money changes hands.
- closing costs
- Closing costs are separated into what are called "non-recurring closing costs" and "pre-paid items." Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. "Pre-paids" are items which recur over time, such as property taxes and home owner's insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application.
- closing statement
- See Settlement Statement.
- cloud on title
- Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by deed, release, or court action.
- co-borrower
- In additional individual who is both obligated on the loan and is on title to the property.
- Coefficient of Heat Transmission (U)
- Total amount of heat that passes through an assembly of materials, including air spaces and surface air films. Expressed in Btu per hr., per sq. ft., per °F temperature difference between inside and outside air (beyond the surface air films). "U" values are often used to represent wall and ceiling assemblies, floors and windows. Note: "k" and "C" values cannot simply be added to obtain "U" values. "U" can only be obtained by adding the thermal resistance (reciprocal of "C") of individual items and dividing the total into 1.
- Coefficient of Hygrometric Expansion
- See Hygrometric Expansion.
- Coefficient of Thermal Conductance (C)
- Amount of heat (in Btu) that passes through a specific thickness of a material (either homogeneous or heterogeneous) per hr., per sq. ft., per °F. Measured as temperature difference between surfaces. The "C" value of a homogeneous material equals the "k" value divided by the material thickness: C = k/t (where t = thickness of material in inches) It is impractical to determine a "k" value for some materials such as building paper or those only used or formed as a thin membrane, so only "C" values are given for them.
- Coefficient of Thermal Conductivity (k)
- Convenient factor represents the amount of heat (in Btu) that passes by conduction through a one inch thickness of homogeneous material, per hr., per sq. ft., per °F. Measured as temperature difference between the two surfaces of the material.
- Coefficient of Thermal Expansion
- See Thermal Expansion.
- collateral
- In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.
- collection
- When a borrower falls behind, the lender contacts them in an effort to bring the loan current. The loan goes to "collection." As part of the collection effort, the lender must mail and record certain documents in case they are eventually required to foreclose on the property.
- Column
- Vertical loadbearing member.
- commission
- Most salespeople earn commissions for the work that they do and there are many sales professionals involved in each transaction, including Realtors, loan officers, title representatives, attorneys, escrow representative, and representatives for pest companies, home warranty companies, home inspection companies, insurance agents, and more. The commissions are paid out of the charges paid by the seller or buyer in the purchase transaction. Realtors generally earn the largest commissions, followed by lenders, then the others.
- common area assessments
- In some areas they are called Homeowners Association Fees. They are charges paid to the Homeowners Association by the owners of the individual units in a condominium or planned unit development (PUD) and are generally used to maintain the property and common areas.
- common areas
- Those portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.
- common law
- An unwritten body of law based on general custom in England and used to an extent in some states.
- community property
- In some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumstances. This is an outgrowth of the Spanish and Mexican heritage of the area.
- comparable sales
- Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."
- Compression
- Force that presses particles of a body closer together.
- Compressive Strength
- Measures maximum unit resistance of a material to crushing load. Expressed as forceGlossForce.1040 per unit cross-sectional area, e.g., pounds per square inch (psi).
- Concrete Footing
- Generally, the wide, lower part of a foundation wall that spreads the weight of the building over a larger area. Its width and thickness vary according to weight of building and type of soil on which building is erected.
- condominium
- A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.
- condominium conversion
- Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership.
- Condominium hotel
- A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned. These are often found in resort areas like Hawaii.
- Conduction, Thermal
- Transfer of heat from one part of a body to another part of that body, or to another body in contact, without any movement of bodies involved. The hot handle of a skillet is an example. The heat travels from the bottom of the skillet to the handle by conduction.
- construction loan
- A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
- contingency
- A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.
- contract
- An oral or written agreement to do or not to do a certain thing. conventional mortgage
- Refers to home loans other than government loans (VA and FHA).
- Convection
- Process of heat carried from one point to another by movement of a liquid or a gas (i.e., air). Natural convection is caused by expansion of the liquid or gas when heated. Expansion reduces the density of the medium, causing it to rise above the cooler, more dense portions of the medium. Gravity heating systems are examples of the profitable use of natural convection. The air, heated by the furnace, becomes less dense (consequently lighter) and rises, distributing heat to the various areas of the house without any type of blower. When a blower is used, the heat transfer method is called "forced convection."
- Convertible ARM
- An adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time.
- cooperative (co-op)
- A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
- Corner Brace
- Structural framing member used to resist diagonal loads that cause racking of walls and panels due to wind and seismic forces. May consist of a panel or diaphragm, or diagonal flat strap or rod. Bracing must function in both tension and compression. If brace only performs in tension, two diagonal tension members must be employed in opposing directions as "X" bracing.
- Corner Post
- Timber or other member forming the corner of a frame. May be solid or built-up as a multi-piece member.
- cost of funds index (COFI)
- One of the indexes that is used to determine interest rate changes for certain adjustable-rate mortgages. It represents the weighted-average cost of savings, borrowings, and advances of the financial institutions such as banks and savings & loans, in the 11th District of the Federal Home Loan Bank.
- credit
- An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
- credit history
- A record of an individual's repayment of debt. Credit histories are reviewed my mortgage lenders as one of the underwriting criteria in determining credit risk.
- creditor
- A person to whom money is owed.
- credit report
- A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.
- credit repository
- An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.
- Cripple
- Short stud such as that used between a door or window header and the top plate.
- Curtain Wall
- Exterior wall of a building that is supported by the structure and carries no part of the vertical load except its own. Curtain walls must be designed to withstand wind loads and transfer them to the structure.
- Cycle (Acoustic)
- One full repetition of a motion sequence during periodic vibration. Movement from zero to +1 back to zero to -1 back to zero. Frequency of vibration is expressed in Hertz (cycles per second -- see Frequency).
- Dead Load
- Load on a building element contributed by the weight of the building materials.
- Decibel (dB)
- Adopted for convenience in representing vastly different sound pressures. The sound pressure level (SPL) in decibels is 10 times the logarithm to the base 10 of the squared ratio of the sound pressure to a reference pressure of 20 micropascals. This reference pressure is considered the lowest value at 100 Hz that the ear can detect. For every 10 dB increase or decrease in SPL, a sound is generally judged to be about twice or half as loud as before the change.
- Decoupling
- Separation of elements to reduce or eliminate the transfer of sound, heat or physical loads from one element to the other.
- debt
- An amount owed to another.
- deed
- The legal document conveying title to a property.
- deed-in-lieu
- Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record.
- deed of trust
- Some states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing.
- default
- Failure to make the mortgage payment within a specified period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of the due date, the loan is considered to be in default.
- Deflection
- Displacement that occurs when a load is applied to a member or assembly. The dead load of the member or assembly itself causes some deflection as may occur in roofs or floors at mid-span. Under applied wind loads maximum deflection occurs at mid-height in partitions and walls.
- Deflection Limitation
- Maximum allowable deflection is dictated by the bending limit of the finish material under the required design load (e.g., usually 5 psf for interior partitions). Often expressed as ratio of span (L) divided by criterion factor (120, 180, 240, 360). For example, in a 108 or 120" high wall, allowable deflection under L/240 criterion equals 120"/240 or 1/2" maximum. Selection of limiting heights and spans are frequently based on minimum code requirements and accepted industry practice as follows: (a) L/120 for gypsum panel surfaces and veneer plaster finish surfaces, (b) L/240 for conventional lath and plaster surfaces, (c) L/360 for mechanically attached marble or heavy stone to walls; however, support for its own weight should be from the floor or separate supports. Although some building codes permit these deflections, more conservative criteria are frequently advised so that applied loads are not visible or aesthetically unacceptable.
- Deformation
- Change in shape of a body brought about by the application of a force internal or external. Internal forces may result from temperature, humidity or chemical changes. External forces from applied loads can also cause deformation.
- delinquency
- Failure to make mortgage payments when mortgage payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit bureaus.
- deposit
- A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit."
- depreciation
- A decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining monetary value of an asset and is used as an expense to reduce taxable income. Since this is not a true expense where money is actually paid, lenders will add back depreciation expense for self-employed borrowers and count it as income.
- Design Load
- Combination of weight (dead load) and other applied forces (live loads) for which a building or part of a building is designed. Based on the worst possible combination of loads.
- Dew Point
- The temperature at which air becomes saturated with moisture and below which condensation occurs.
- discount points
- In the mortgage industry, this term is usually used in only in reference to government loans, meaning FHA and VA loans. Discount points refer to any "points" paid in addition to the one percent loan origination fee. A "point" is one percent of the loan amount.
- Door Buck
- Structural element of a door opening. May be the same element as the frame if frame is structural, as in the case of heavy steel frames.
- Double-Hung Window
- Window sash that slides vertically and is offset in a double track.
- down payment
- The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.
- Drip
- Interruption or offset in an exterior horizontal surface, such as a soffit, immediately adjacent to the fascia. Designed to prevent the migration of water back along the surface.
- Drywall
- Generic term for interior surfacing material, such as gypsum panels, applied to framing using dry construction methods, e.g., mechanical fasteners or adhesive. See SHEETROCK brand Gypsum Panels.
- due-on-sale provision
- A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.
- earnest money deposit
- A deposit made by the potential home buyer to show that he or she is serious about buying the house.
- easement
- A right of way giving persons other than the owner access to or over a property.
- effective age
- An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
- eminent domain
- The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.
- encroachment
- An improvement that intrudes illegally on another's property.
- encumbrance
- Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions.
- Equal Credit Opportunity Act (ECOA)
- A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
- equity
- A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.
- escrow
- An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.
- escrow account
- Once you close your purchase transaction, you may have an escrow account or impound account with your lender. This means the amount you pay each month includes an amount above what would be required if you were only paying your principal and interest. The extra money is held in your impound account (escrow account) for the payment of items like property taxes and homeowner's insurance when they come due. The lender pays them with your money instead of you paying them yourself.
- escrow analysis
- Once each year your lender will perform an "escrow analysis" to make sure they are collecting the correct amount of money for the anticipated expenditures.
- escrow disbursements
- The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.
- estate
- The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.
- eviction
- The lawful expulsion of an occupant from real property.
- examination of title
- The report on the title of a property from the public records or an abstract of the title.
- exclusive listing
- A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
- executor
- A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form.
- Exterior Insulation and Finish System (E
- Exterior cladding assembly consisting of a polymer finish over a reinforcement adhered to foam plastic insulation that is fastened to masonry, concrete, building sheathing or directly to the structural framing. The sheathing may be cement board or gypsum sheathing.
- Extrapolate
- To project tested values, assuming a continuity of an established pattern, to obtain values beyond the limit of the test results. Not necessarily reliable.
- Factor of Safety
- Ratio of the ultimate unit stress to the working or allowable stress.
- Fair Credit Reporting Act
- A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.
- fair market value
- The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.
- Fannie Mae (FNMA)
- The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds. For a discussion of the roles of Fannie Mae, Freddie Mac (FHLMC), and Ginnie Mae (GNMA), see the Library.
- Fascia Board
- Board fastened to the ends of the rafters or joists forming part of a cornice.
- Fast Track
- Method that telescopes or overlaps traditional design-construction process. Overlapping phases as opposed to sequential phases is keynote of the concept.
- Fatigue
- Condition of material under stress that has lost, to some degree, its power of resistance as a result of repeated application of stress, particularly if stress reversals occur as with positive and negative cyclical loading.
- Fannie Mae's Community Home Buyer's Program
- An income-based community lending model, under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low- or moderate-income family's buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase home-buyer education sessions.
- Federal Housing Administration (FHA)
- An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing.
- fee simple
- The greatest possible interest a person can have in real estate.
- fee simple estate
- An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property.
- FHA mortgage
- A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan.
- firm commitment
- A lender's agreement to make a loan to a specific borrower on a specific property.
- Fire Endurance
- Measure of elapsed time during which an assembly continues to exhibit fire resistance under specified conditions of test and performance. As applied to elements of buildings, it shall be measured by the methods and to the criteria defined in ASTM. Methods E119, Fire Tests of Building Construction and Materials; ASTM Methods E152, Fire Tests of Door Assemblies; ASTM Methods E814, Fire Test of Through-Penetration Fire Stops; or ASTM Methods E163, Fire Tests of Window Assemblies.
- Fire Resistance
- Relative term, used with a numerical rating or modifying adjective to indicate the extent to which a material or structure resists the effect of fire.
- Fire Stop
- Obstruction in a cavity designed to resist the passage of flame, sometimes referred to as "fire blocking."
- Fire Taping
- The taping of gypsum board joints without subsequent finishing coats. A treatment method used in attic, plenum or mechanical areas where aesthetics are not important.
- Fire Wall
- Fire-resistant partition extending to or through the roof of a building to retard spread of fire. See Area Separation Wall.
- Fire-Resistive
- Refers to properties or designs to resist effects of any fire to which a material or structure may be expected to be subjected.
- Fire-Retardant
- Denotes substantially lower degree of fire resistance than fire-resistive. Often used to describe materials that are combustible but have been treated to retard ignition or spread of fire under conditions for which they were designed.
- Fireproof
- Use of this term in reference to buildings is discouraged because few, if any, building materials can withstand extreme heat for an extended time without some effect. The term "fire-resistive" or "resistant" is more descriptive.
- first mortgage
- The mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions.
- fixed-rate mortgage
- A mortgage in which the interest rate does not change during the entire term of the loan.
- fixture
- Personal property that becomes real property when attached in a permanent manner to real estate.
- Flame Spread
- Index of the capacity of a material to spread fire under test conditions, as defined by ASTM Standard E84. Materials are rated by comparison with the flame-spread index of red oak flooring assigned a value of 100 and inorganic reinforced cement board assigned a value of 0.
- Flammable
- Capability of a combustible material to ignite easily, burn intensely or have rapid rate of flame spread.
- Flanking Paths
- Paths by which sound travels around an element intended to impede it, usually some structural component that is continuous between rooms and rigid enough to transmit the sound. For example, a partition separating two rooms can be "flanked" by the floor, ceiling or walls surrounding the partition if they run uninterrupted from one room to the other. Ducts, conduits, openings, structural elements, rigid ties, etc., can be sound flanking paths. The acoustic effect of sound flanking paths is dependent on many factors.
- Flashing
- Strips of metal or waterproof material used to make joints waterproof, as in the joining of curtain wall panels.
- flood insurance
- Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.
- Footing
- Lower extremity of a foundation or loadbearing member that transmits load to load-bearing substrate.
- Force
- Amount of applied energy to cause motion, deformation or displacement and stress in a body.
- foreclosure
- The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
- 401(k)/403(b)
- An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 401(k) plans are provided by employers that are private corporations. 403(b) plans are provided by employers that are not for profit organizations.
- 401(k)/403(b) loan
- Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Loans against 401K plans are an acceptable source of down payment for most types of loans.
- Foundation
- Component that transfers weight of building and occupants to the earth.
- Frequency (Sound)
- Number of complete vibrations or cycles or periodic motion per unit of time.
- Furring
- Member or means of supporting a finished surfacing material away from the structural wall or framing. Used to level uneven or damaged surfaces or to provide space between substrates. Also an element for mechanical or adhesive attachment of paneling.
- Gable
- Uppermost portion of the end wall of a building that comes to a triangular point under a sloping roof.
- Gauging Plaster
- Combine with lime putty to provide setting properties, to increase dimensional stability during drying, and to provide initial surface hardness in lime finish coats.
- Girder
- Beam, especially a long, heavy one; the main beam supporting floor joists or other smaller beams.
- Glass
- An inorganic mixture that has been fused at a high temperature and cooled without crystallization.
- government loan (mortgage)
- A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are classified as conventional loans.
- Government National Mortgage Association (Ginnie Mae)
- A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA)
- grantee
- The person to whom an interest in real property is conveyed.
- grantor
- The person conveying an interest in real property.
- Gusset
- Wood or metal plate riveted, bolted, glued or pressed (wood trusses) over joints to transfer stresses between connected members.
- hazard insurance
- Insurance coverage that in the event of physical damage to a property from fire, wind, vandalism, or other hazards.
- Heat
- Form of energy thought to be characterized by the rate of vibration of the molecules of a substance. The hotter the substance, the faster the molecules vibrate. On the other hand, when there is no heat present it is thought the molecules will be at rest, which theoretically occurs at absolute zero, -459.7°F (-273.15°C or 0.0°K).
- Heat Quantity (Btu)
- Common unit of measure of the quantity of heat is the British Thermal Unit (Btu). One Btu is the amount of heat required to raise one pound of water from 63° to 64°F (1 Btu = 1055.06 J). This is about the amount of heat given off by one wooden match. A pound of coal can produce 13,000 Btu.
- Heat Transfer
- Heat always flows toward a substance of lower temperature until the temperatures of the two substances equalize. It travels by one or more of three methods: conduction, convection or radiation.
- Heel of Rafter
- Seat cut in a rafter that rests on the wall plate.
- Hertz
- The units of measure of sound frequency, named for Heinrich H. Hertz. One Hertz equals one cycle per second.
- Hollow Brick
- A clay masonry unit whose net cross sectional area in the plane of the bearing surface is not less than 60 percent of the gross cross sectional area of that face.
- Home Equity Conversion Mortgage (HECM)
- Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you. It enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property.
- home equity line of credit
- A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.
- home inspection
- A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser.
- homeowners' association
- A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.
- homeowner's insurance
- An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.
- homeowner's warranty
- A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay.
- Honeycomb
- Any substance having cells suggesting a mass of cells such as those built by the honeybee. Some hollow-core doors use the honeycomb principle in their construction.
- HUD
- Housing and Urban Development, federal agency.
- HUD median income
- Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).
- HUD Mobile Home Standards
- Officially, the National Mobile Home Construction and Safety Standards Act of 1974 for construction of mobile homes. Includes the following agencies: DAPIA Design Approval Primary Inspection Agency and IPIA Production Inspection Primary Inspection Agency.
- HUD-1 settlement statement
- A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."
- HVAC
- Heating, ventilating and air conditioning. (ASHRAE Guide is the technical reference source.)
- Hygrometric Expansion
- All materials, particularly those of organic origin, expand and contract in relation to their moisture content, which varies with environment. The Hygrometric Coefficient of Expansion is expressed in "Inches Per Inch Per Percent Of Relative Humidity." Example: gypsum board has a coefficient of 7.2 x 10-6 in. per in. per %rh. This means that with an increase in relative humidity of from 10% to 50%, a gypsum board wall 300 ft. long will have an unrestrained linear expansion of 1.0368" or 1&1/32".
- ICBO
- International Conference of Building Officials, a nonprofit organization that publishes the Uniform Building Code.
- Impact Insulation Class (IIC)
- Single-number rating used to compare and evaluate the performance of floor-ceiling constructions in isolating impact noise. The advantages of this rating system are positive values and the correlation with Sound Transmission Class (STC) values -- both providing approximately equal isolation at a particular value. The IIC rating is used by building agencies for specifying minimum sound-control performance of assemblies in residential construction.
- Impact Noise Rating (INR)
- Obsolete rating system for floor-ceiling construction in isolating impact noise. INR ratings can be converted to approximate IIC ratings by adding 51 points; however, a variation of 1 or 2 points may occur.
- Incombustible
- See Noncombustible.
- Insulation (Thermal)
- Any material that measurably retards heat transfer. There is wide variation in the insulating value of different materials. A material having a low density (weight/volume) will usually be a good thermal insulator.
- Interpolate
- To estimate untested values that fall between tested values.
- ISO
- International Standards Organization, an organization similar in nature.
- Jamb
- One of the finished upright sides of a door or window frame.
- Jamb Stud
- Wood or metal stud adjacent to the door jamb.
- joint tenancy
- A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.
- Joist
- Small beam that supports part of the floor, ceiling or roof of a building.
- Joist Hanger
- Metal shape formed for hanging on the main beam to provide support for the end of a joist.
- judgment
- A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.
- judicial foreclosure
- A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure.
- jumbo loan
- A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.
- Kiln-Dried Lumber
- Lumber that has been dried and seasoned with carefully controlled heat in a kiln.
- Label Service (UL)
- Program allowing a manufacturer to place Underwriters Laboratories Inc. labels on his products that have met UL requirements. A UL representative visits the manufacturing location to obtain samples of the products for testing by UL. In some cases, samples are also purchased on the open market for testing. The public is thereby assured that products bearing the UL label continually meet UL specifications.
- late charge
- The penalty a borrower must pay when a payment is made a stated number of days. On a first trust deed or mortgage, this is usually fifteen days.
- Leaks (Sound)
- Small openings at electrical boxes and plumbing, cracks around doors, loose-fitting trim and closures all create leaks that allow sound to pass through, reducing the acoustical isolation of a wall, floor or ceiling system.
- lease
- A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.
- leasehold estate
- A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.
- lease option
- An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price.
- Ledger Strip
- Strip fastened to the bottom edge of a flush girder to help support the floor joists.
- legal description
- A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.
- lender
- A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."
- liabilities
- A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.
- liability insurance
- Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner's insurance policy.
- lien
- A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.
- life cap
- For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease over the life of the mortgage.
- Life-Cycle Costing
- Selection of the most economical material and systems based on initial costs, maintenance costs and operating costs for the life of the building.
- Limiting Height
- Maximum height for design and construction of a partition or wall without exceeding the structural capacity or allowable deflection under given design loads.
- line of credit
- An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.
- Lintel
- Horizontal member spanning an opening such as a window or door. Also referred to as a Header.
- liquid asset
- A cash asset or an asset that is easily converted into cash.
- Live Load
- Part of the total load on structural members that is not a permenant part of the structure. May be variable, as in the case of loads contributed by the occupancy, and wind and snow loads.
- Load
- Force provided by weight, external or environmental sources such as wind, water and temperature, or other sources of energy.
- Loudness
- Subjective response to sound pressure, but not linearly related thereto. A sound with twice the pressure is not twice as loud. See Decibel.
- loan
- A sum of borrowed money (principal) that is generally repaid with interest.
- loan officer
- Also referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution.
- loan origination
- How a lender refers to the process of obtaining new loans.
- loan servicing
- After you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, and provide a variety of other services.
- loan-to-value (LTV)
- The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).
- lock-in
- An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.
- lock-in period
- The time period during which the lender has guaranteed an interest rate to a borrower.
- Louver
- Opening with slanted fins (to keep out rain and snow) used to ventilate attics, crawl spaces and wall openings.
- margin
- The difference between the interest rate and the index on an adjustable rate mortgage. The margin remains stable over the life of the loan. It is the index which moves up and down.
- Mass
- Property of a body that resists acceleration and produces the effect of inertia. The weight of a body is the result of the pull of gravity on the body's mass.
- maturity
- The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
- merged credit report
- A credit report which reports the raw data pulled from two or more of the major credit repositories. Contrast with a Residential Mortgage Credit Report (RMCR) or a standard factual credit report.
- Metric Terms
- Metric units shown as equivalents in this Handbook are from the International System of Units in use throughout the world, as established by the General Conference of Weights and Measures in 1960. Their use here complies with the Metric Conversion Act of 1975, which committed the United States to a coordinated voluntary conversion to the metric system of measurement. Refer to the Appendix for metric units and conversion factors applicable to subjects covered in this Handbook. For additional information, refer to ASTM E380-76, Standard for Metric Practice.
- Miter
- Joint formed by two pieces of material cut to meet at an angle.
- Model Code
- Building code, written and published by a building-official association, available to states, counties and municipalities for adoption (for a fee) in lieu of their own, e.g., Uniform Building Code, Standard Building Code, National Building Code.
- modification
- Occasionally, a lender will agree to modify the terms of your mortgage without requiring you to refinance. If any changes are made, it is called a modification.
- Module
- (1) In architecture, a selected unit of measure used as a basis for building layout; (2) In industrialized housing, a three-dimensional section of a building, factory-built, shipped as a unit and interconnected with other modules to form the complete building. Single-family units factory-built in two halves are usually referred to as "sectionals."
- Modulus of Elasticity (E)
- Ratio between deformation, a measure of the stiffness of a material.
- Moment of Inertia (I)
- Calculated numerical relationship (expressed in in.4) of the resistance to bending of a member, a function of the cross-sectional shape and size. A measure of the stiffness of a member based on its shape. Larger moments of inertia indicate greater resistance to bending for a given material.
- mortgage
- A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds.
- mortgage banker
- For a more complete discussion of mortgage banker, see "Types of Lenders." A mortgage banker is generally assumed to originate and fund their own loans, which are then sold on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. However, firms rather loosely apply this term to themselves, whether they are true mortgage bankers or simply mortgage brokers or correspondents.
- mortgage broker
- A mortgage company that originates loans, then places those loans with a variety of other lending institutions with whom they usually have pre-established relationships.
- mortgagee
- The lender in a mortgage agreement.
- mortgage insurance (MI)
- Insurance that covers the lender against some of the losses incurred as a result of a default on a home loan. Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that have a loan-to-value higher than eighty percent. Mortgages above 80% LTV that call themselves "No MI" are usually a made at a higher interest rate. Instead of the borrower paying the mortgage insurance premiums directly, they pay a higher interest rate to the lender, which then pays the mortgage insurance themselves. Also, FHA loans and certain first-time homebuyer programs require mortgage insurance regardless of the loan-to-value.
- mortgage insurance premium (MIP)
- The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.
- mortgage life and disability insurance
- A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage payment for a specified amount of time during the disability. Be careful to read the terms of coverage, however, because often the coverage does not start immediately upon the disability, but after a specified period, sometime forty-five days.
- mortgagor
- The borrower in a mortgage agreement.
- Moulding (also Molding)
- Narrow decorative strip applied to a surface.
- Mullion
- Vertical bar or division in a window frame separating two or more panes.
- Multi-dwelling units
- Properties that provide separate housing units for more than one family, although they secure only a single mortgage.
- Muntin
- Horizontal bar or division in a window frame separating multiple panes or lights.
- Music/Machinery Transmission Class (MTC)
- Rating developed by U.S. Gypsum Company to isolate music and machinery/mechanical equipment noise or any sound with a substantial portion of low frequency energy. MTC does not replace Sound Transmission Class (STC) but complements it.
- Nail Pop
- The protrusion of the nail usually attributed to the shrinkage of or use of improperly cured wood framing.
- NBFU
- National Board of Fire Underwriters, now merged into the American Insurance Assn.
- NBS
- National Bureau of Standards, a federal agency.
- NCSBCS
- National Conference of States on Building Codes and Standards, a nonprofit organization formed to increase interstate cooperation and coordinate intergovernmental reforms of building codes.
- negative amortization
- Some adjustable rate mortgages allow the interest rate to fluctuate independently of a required minimum payment. If a borrower makes the minimum payment it may not cover all of the interest that would normally be due at the current interest rate. In essence, the borrower is deferring the interest payment, which is why this is called "deferred interest." The deferred interest is added to the balance of the loan and the loan balance grows larger instead of smaller, which is called negative amortization.
- Neutral Axis
- The plane through a member (at the geometric center of the section in symmetrical members) where the fibers are neither under tensile nor compressive stress.
- NFIPA
- National Fire Protection Assn., an international technical society that disseminates fire prevention, fighting and protection information. NFIPA technical standards include the National Electrical Code which is widely adopted.
- NFOPA
- National Forest Products Association.
- no cash-out refinance
- A refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is calculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Often referred to as a "rate and term refinance."
- no-cost loan
- Many lenders offer loans that you can obtain at "no cost." You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a "no-point" loan, the interest rate will be higher than if you obtain a loan that has costs associated with it.
- Noise Reduction Coefficient (NRC)
- Arithmetic average of sound absorption coefficients at 250, 500, 1000 and 2000 Hz.
- Nominal
- Term indicating that the full measurement is not used; usually slightly less than the full net measurement, as with 2" x 4" studs that have an actual size when dry of 1&1/2" x 3&1/2".
- Noncombustible
- Definition excerpted from the ICBO Uniform Building Code: 1. Material of which no part will ignite and burn when subjected to fire. 2. Material having a structural base of noncombustible material as defined, with a surface not over 1/8" thick that has a flame spread rating of 50 or less. The term does not apply to surface finish materials.
- note
- A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
- note rate
- The interest rate stated on a mortgage note.
- notice of default
- A formal written notice to a borrower that a default has occurred and that legal action may be taken.
- Octave
- Interval between two sounds having a basic frequency ratio of two. The formula is 2n times the frequency, where n is the desired octave interval. The octave band frequency given in sound test results is usually the band center frequency, thus the 1000 Hz octave band encompasses frequencies from 707 Hz to 1414 Hz (n = ± 1/2). The 1000 Hz one-third-octave band encompasses frequencies from 891 Hz to 1122 Hz (n = ± 1/6).
- original principal balance
- The total amount of principal owed on a mortgage before any payments are made.
- origination fee
- On a government loan the loan origination fee is one percent of the loan amount, but additional points may be charged which are called "discount points." One point equals one percent of the loan amount. On a conventional loan, the loan origination fee refers to the total number of points a borrower pays.
- OSU
- Ohio State University, an independent fire-testing laboratory which is currently inactive.
- owner financing
- A property purchase transaction in which the property seller provides all or part of the financing.
- Parapet Wall
- Extension of an exterior wall above and/or through the roof surface.
- partial payment
- A payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan. Normally, a lender will not accept a partial payment, but in times of hardship you can make this request of the loan servicing collection department.
- payment change date
- The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the interest rate adjustment date.
- Penny (d)
- Suffix designating the size of nails, such as 6d (penny) nail, originally indicating the price, in English pence, per 100 nails. Does not designate a constant length or size, and will vary by type (e.g., common and box nails).
- Performance Specification
- States how a building element must perform as opposed to describing equipment, products or systems by name.
- periodic payment cap
- For an adjustable-rate mortgage where the interest rate and the minimum payment amount fluctuate independently of one another, this is a limit on the amount that payments can increase or decrease during any one adjustment period.
- periodic rate cap
- For an adjustable-rate mortgage, a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be.
- Perm
- A unit of measurement of Water Vapor Permenance (ASTM).
- personal property
- Any property that is not real property.
- Pilaster
- Projecting, square column or stiffener forming part of a wall.
- Pillar
- Column supporting a structure.
- Pitch of Roof
- Slope of the surface, generally expressed in inches of vertical rise per 12" horizontal distance, such as "4-in-12 pitch."
- PITI
- This stands for principal, interest, taxes and insurance. If you have an "impounded" loan, then your monthly payment to the lender includes all of these and probably includes mortgage insurance as well. If you do not have an impounded account, then the lender still calculates this amount and uses it as part of determining your debt-to-income ratio.
- PITI reserves
- A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months.
- planned unit development (PUD)
- A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. Contrast with condominium, where an individual actually owns the airspace of his unit, but the buildings and common areas are owned jointly with the others in the development or association.
- Plate
- "Top" plate is the horizontal member fastened to the top of the studs or wall on which the rafters, joists or trusses rest; "sole" plate is positioned at bottom of studs or wall.
- Platform Floor surface raised above the ground or floor level.
- Platform Framing
- Technique of framing where walls can be built and tilted-up on a platform floor, and in multi-story construction are erected sequentially from one platform to another. Also known as "Western" framing.
- Plenum
- Chamber in which the pressure of the air is higher (as in a forced-air furnace system) than that of the surrounding air. Frequently a description of the space above a suspended ceiling.
- point
- A point is 1 percent of the amount of the mortgage.
- Portland Cement
- Hydraulic cement produced by pulverizing clinker consisting essentially of hydraulic calcium silicates, usually containing one or more forms of calcium sulfate as an interground addition.
- power of attorney
- A legal document that authorizes another person to act on one's behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time.
- pre-approval
- A loosely used term which is generally taken to mean that a borrower has completed a loan application and provided debt, income, and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and making assumptions about what the interest rate will actually be at the time the loan is actually made, as well as estimates for the amount that will be paid for property taxes, insurance and others. A pre-approval applies only to the borrower. Once a property is chosen, it must also meet the underwriting guidelines of the lender. Contrast with pre-qualification
- prepayment
- Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case, prepayment means payment occurs before the loan has been fully amortized.
- prepayment penalty
- A fee that may be charged to a borrower who pays off a loan before it is due.
- pre-qualification
- This usually refers to the loan officer's written opinion of the ability of a borrower to qualify for a home loan, after the loan officer has made inquiries about debt, income, and savings. The information provided to the loan officer may have been presented verbally or in the form of documentation, and the loan officer may or may not have reviewed a credit report on the borrower.
- Prescription Specification
- Traditional procedure used on building projects to describe by name products, equipment or systems to be used.
- prime rate
- The interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit. Changes in the prime rate do not directly affect other types of mortgages, but the same factors that influence the prime rate also affect the interest rates of mortgage loans.
- principal
- The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage.
- principal balance
- The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining balance.
- principal, interest, taxes, and insurance (PITI)
- The four components of a monthly mortgage payment on impounded loans. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.
- private mortgage insurance (MI)
- Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent.
- promissory note
- A written promise to repay a specified amount over a specified period of time.
- public auction
- A meeting in an announced public location to sell property to repay a mortgage that is in default.
- Planned Unit Development (PUD)
- A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual PUD unit owners.
- purchase agreement
- A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
- purchase money transaction
- The acquisition of property through the payment of money or its equivalent.
- Purlin
- Horizontal member in a roof supporting common rafters, such as at the break in a gambrel roof. Also, horizontal structural member perpendicular to main beams in a flat roof.
- qualifying ratios
- Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower's monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner's association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as well as all other monthly debt.
- quitclaim deed
- A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.
- Racking
- Forcing out of plumb of structural components, usually by wind, seismic stress or thermal expansion or contraction.
- Radiation
- Transfer of heat energy through space by wave motion. Although the radiant energy of heat is transmitted through space, no heat is present until this energy strikes and is absorbed by an object. Not all of the radiant heat energy is absorbed; some is reflected to travel in a new direction until it strikes another object. The amount reflected depends on the nature of the surface that the energy strikes. This fact explains the principle of insulating foil and other similar products that depend on reflection of radiant heat for their insulating value. Radiant heat travels in straight lines in all directions at about the speed of light. In radiant heating systems, heat is often radiated down from the ceiling. As it strikes objects in the room, some is absorbed and some reflected to other objects. The heat that is absorbed warms the object, which, in turn, warms the surrounding air by conduction. This warmed air sets up gentle convection currents that circulate throughout the room.
- Rafter
- That member forming the slanting frame of a roof or top chord of a truss. Also known as hip, jack or valley rafter depending on its location and use.
- Rafter Tail
- That part of a rafter that extends beyond the wall plate -- the overhang.
- rate lock
- A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost.
- real estate agent
- A person licensed to negotiate and transact the sale of real estate.
- Real Estate Settlement Procedures Act (RESPA)
- A consumer protection law that requires lenders to give borrowers advance notice of closing costs.
- real property
- Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.
- Realtor®
- A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.
- recorder
- The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."
- recording
- The noting in the registrar's office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.
- refinance transaction
- The process of paying off one loan with the proceeds from a new loan using the same property as security.
- Reflected Heat
- See Radiation.
- Reflected Sound
- Sound that has struck a surface and "bounced off." Sound reflects at the same angle as light reflects in a mirror; the angle of incidence equals the angle of reflection. Large curved surfaces tend to focus (concave) or diffuse (convex) the sound when reflected. However, when the radius of the reflecting surface is less than the wavelength of the sound, this does not hold true. Thus, a rough textured surface has little effect on diffusion of sound.
- Reflective Insulation
- Material that reflects and thus retards the flow of radiant heat. The most common type of reflective insulation is aluminum foil. The effectiveness of reflective barriers is diminished by the accumulation of dirt and by surface oxidation.
- remaining balance
- The amount of principal that has not yet been repaid. See principal balance.
- remaining term
- The original amortization term minus the number of payments that have been applied.
- rent loss insurance
- Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent.
- repayment plan
- An arrangement made to repay delinquent installments or advances.
- replacement reserve fund
- A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.
- Reverberation
- Persistence of sound after the source stops. When one hears the 10th, 20th, 50th, 100th, etc., reflection of a sound, one hears reverberation.
- Reverberation Time
- Essentially the number of seconds it takes a loud sound to decay to inaudibility after the source stops. Strictly, the time required for a sound to decay 60 dB in level.
- revolving debt
- A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
- Ridge
- Peak of a roof where the roof surfaces meet at an angle. Also may refer to the framing member that runs along the ridge and supports the rafters.
- right of first refusal
- A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
- right of ingress or egress
- The right to enter or leave designated premises.
- right of survivorship
- In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
- Rise
- Measurement in height of an object; the amount it rises. The converse is "fall."
- Riser
- Vertical face of a step supporting the tread in a staircase.
- Rough Framing
- Structural elements of a building or the process of assembling elements to form a supporting structure where finish appearance is not critical.
- Sabin
- Measure of sound absorption of a surface, equivalent to 1 sq. ft. of a perfectly absorptive surface.
- Safing
- Fire stop material in the space between floor slab and curtain wall in multi-story construction.
- Safing Off
- Installation of fire safety insulation around floor perimeters, between floor slab and spandrel panels. Insulation helps retain integrity of fire resistance ratings.
- sale-leaseback
- A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.
- SBCCI
- Southern Building Code Congress International, nonprofit organization that publishes the Standard Building Code.
- Scab
- Small piece or block of wood that bridges several members or provides a connection or fastening between them.
- Section Modulus (S)
- Numerical relationship, expressed in in.3, of the resistance to stress of a member. It is equal to the moment of inertia divided by the perpendicular distance from the neutral axis to the extremity of the member.
- second mortgage
- A mortgage that has a lien position subordinate to the first mortgage.
- secondary market
- The buying and selling of existing mortgages, usually as part of a "pool" of mortgages.
- secured loan
- A loan that is backed by collateral.
- security
- The property that will be pledged as collateral for a loan.
- seller carry-back
- An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.
- servicer
- An organization that collects principal and interest payments from borrowers and manages borrowers' escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
- servicing
- The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.
- settlement statement
- See HUD1 Settlement Statement
- Shadowing
- An undesirable condition where the joint finish shows through the surface decoration.
- Shaft Wall
- Fire-resistant wall that isolates the elevator, stairwell and vertical mechanical chase in high-rise construction. This wall must withstand the fluctuating (positive and negative) air-pressure loads created by elevators or air distribution systems.
- Shear
- Force that tends to slide or rupture one part of a body from another part of the body or from attached objects.
- Sheathing
- Plywood, gypsum, wood fiber, expanded plastic or composition boards encasing walls, ceilings, floors and roofs of framed buildings. May be structural or non-structural, thermal-insulating or non-insulating, fire-resistant or combustible.
- Sheetrock
- Leading brand of gypsum panel for interior wall and ceiling surfaces, developed and improved by United States Gypsum Company. There is only one SHEETROCK brand Gypsum Panel.
- Shoring
- Temporary member placed to support part of a building during construction, repair or alteration; also may support the walls of an excavation.
- Sill
- Horizontal member at the bottom of door or window frames to provide support and closure.
- Sill Plate Horizontal member laid directly on a foundation on which the framework of a building is erected.
- Slab
- Flat (although sometimes ribbed on the underside) reinforced concrete element of a building that provides the base for the floor or roofing materials.
- Soffit
- Undersurface of a projection or opening; bottom of a cornice between the fascia board and the outside of the building; underside of a stair, floor or lintel.
- Sole Plate
- See Plate.
- Sound Absorption
- Conversion of acoustic or sound energy to another form of energy, usually heat.
- Sound Insulation, Isolation
- Use of building materials or constructions that will reduce or resist the transmission of sound.
- Sound Intensity
- Amount of sound power per unit area.
- Sound Pressure Level (SPL)
- Expressed in decibels, the SPL is 20 times the logarithm to the base 10 of the ratio of the sound pressure to a reference pressure of 20 micropascals. See Decibel.
- Sound Transmission Class (STC)
- Single-number rating for evaluating the effectiveness of a construction in isolating audible airborne sound transmission across 16 frequencies. Higher numbers indicate more effectiveness. Tested per ASTM E90.
- Span
- Distance between supports, usually a beam or joist.
- Spandrel Beam
- Horizontal member, spanning between exterior columns, that supports the floor or roof.
- Spandrel Wall
- Exterior wall panel, usually between columns, that extends from the window opening on one floor to one on the next floor.
- Speed of Sound
- Varies with atmospheric pressure and temperature, but is the same at all frequencies. For most architectural work, the speed of sound should be taken as 1,130 ft./second.
- Stile
- Vertical outside member in a piece of mill work, as a door or sash.
- Stirrup
- Hanger to support the end of the joist at the beam.
- Stop
- Strip of wood fastened to the jambs and head of a door or window frame against which the door or window closes.
- Strain
- Unit deformation in a body that results from stress.
- Stress
- Unit resistance of a body to an outside force that tends to deform the body by tension, compression or shear.
- Stringer
- Heavy horizontal timber supporting other members of the frame in a wood or brick structure; a support also for steps.
- Structural Clay Facing Tile
- Hollow clay units used in bearing and non-bearing walls that have cores exceeding 25 percent of the gross cross sectional area.
- Structure-borne Sound
- Sound energy imparted directly to and transmitted by solid materials, such as building structures.
- Strut
- Slender structural element that resists compressive forces acting lengthwise.
- Stud
- Vertical load-bearing or non-load bearing framing member.
- Subfloor
- Rough or structural floor placed directly on the floor joists or beams to which the finished floor is applied. As with resilient flooring, an underlayment may be required between subfloor and finished floor.
- subdivision
- A housing development that is created by dividing a tract of land into individual lots for sale or lease.
- subordinate financing
- Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
- Substrate
- Underlying material to which a finish is applied or by which it is supported.
- Surface Burning Characteristic
- Rating of interior and surface finish material providing indexes for flame spread and smoke developed, based on testing conducted according to TOP ]
- survey
- A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
- sweat equity
- Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.
- Temperature
- Measurement of the intensity (not quantity) of heat. The Fahrenheit (°F) scale places the freezing point of water at 32° and the boiling point at 212°. The Centigrade or Celsius (°C) scale, used by most countries and in scientific work, places the freezing point of water at 0° and the boiling point at 100°. On the Kelvin (K) scale, the unit of measurement equals the Celsius degree and measurement begins at absolute zero 0° (-273°C).
- tenancy in common
- As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.
- Tensile Strength
- Maximum tensile stress that can be developed in a given material under axial tensile loading. Also the measure of a material's ability to withstand stretching.
- Tension
- Force that tends to pull the particles of a body apart.
- Thermal Expansion
- All materials expand and contract to some extent with changes in temperature. The Thermal Coefficient of Linear Expansion is expressed in "Inches Per Inch Per Degree Fahrenheit." Example: gypsum board has a coefficient of 9.0 x 10-6 in. per in. per °F. This means that with an increase in temperature of 50°, a gypsum board wall 100 ft. in length will have a linear expansion of .54" or an excess of 1/2". The expansion characteristics of some other building materials are more pronounced; a 50° temperature increase would produce expansion in a 100' length of approx. 3/4" in aluminum, 3/8" in steel and 1/2" in concrete.
- Thermal Resistance (R)
- Resistance of a material or assembly to the flow of heat. It is the reciprocal of the heat transfer coefficient: (1/C, or 1/U) For insulating purposes, low "C" and "U" values and high "R" values are the most desirable.
- third-party origination
- A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
- Threshold
- Raised member at the floor within the door jamb. Its purpose is to provide a divider between dissimilar flooring materials or serve as a thermal, sound or water barrier.
- Through-penetration Fire Stop
- A system for sealing through-penetrations in fire-resistant floors, walls and ceilings.
- Through-penetrations
- Through-penetration, or "poke-through" openings as they are sometimes called, are holes that penetrate an entire floor or wall assembly to allow the passage of piping, ducts, conduit, cable trays, electrical cables, communications wiring, etc.
- Time-Temperature Curve
- Rate of rise of temperature in a fire-testing furnace.
- title
- A legal document evidencing a person's right to or ownership of a property.
- title company
- A company that specializes in examining and insuring titles to real estate.
- title insurance
- Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.
- title search
- A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding.
- Toenail
- Method of fastening two boards together as in a "T" by driving nails into the board that forms the stem of the "T" at an angle so they enter the other board and cross each other.
- Tongue-and-Groove Joint
- Joint where the projection or "tongue" of one member engages the mating groove of the adjacent member to minimize relative deflection and air infiltration; widely used in sheathing, flooring and paneling. Tongues may be in "V," round or square shapes
- transfer of ownership
- Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.
- transfer tax
- State or local tax payable when title passes from one owner to another.
- Transmission Loss (TL)
- Essentially the amount, in decibels, by which sound power is attenuated by passing from one side of a structure to the other. TL is independent of the rooms on each side of the structure and theoretically independent of the area and edge conditions of the structure.
- Tread
- Horizontal plane or surface of a stair step.
- Treasury index
- An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market.]
- Trimmer
- Double joists or rafters framing the opening of a stairway well, dormer opening, etc.
- Truss
- Open, lightweight framework of members, usually designed to replace a large beam where spans are great.
- Truth-in-Lending
- A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
- two-step mortgage
- An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.
- two- to four-family property
- A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.
- trustee
- A fiduciary who holds or controls property for the benefit of another.
- U of C
- University of California, an independent fire-testing laboratory.
- U Value
- Coefficient of heat transfer, "U" equals 1 divided by (hence, the reciprocal of) the total of the resistances of the various materials, air spaces and surface air films in an assembly. See Thermal Resistance.
- UBC
- Uniform Building Code -- document promulgated by the International Conference of Building Officials.
- UL
- Underwriters Laboratories Inc., founded by NBFU, and now operated in affiliation with American Insurance Assn. UL is a not for profit laboratory operated for the purpose of testing devices, systems and materials as to their relation to life, fire and casualty hazard in the interest of public safety.
- USASI
- United States of America Standards Institute, now American National Standards Institute.
- VA mortgage
- A mortgage that is guaranteed by the Department of Veterans Affairs (VA).
- Vapor Retarder
- Material used to retard the flow of water vapor through walls and other spaces where this vapor may condense at a lower temperature.
- Veneer Plaster
- Calcined gypsum plaster specially formulated to provide specific workability, strength, hardness and abrasion resistance characteristics when applied in thin coats (1/16" to 3/32" nom.) over veneer gypsum base or other approved base. The term thin coat plaster is sometimes used in reference to veneer plaster.
- vested
- Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn.
- Veterans Administration (VA)
- An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.
- Wavelength (Sound)
- Wave is one complete cycle of sound vibration passing through a medium (such as air) from compression through rarefaction and back to compression again. The physical length of this cycle is termed the wavelength. Wavelengths in air vary from about 1&1/16" for a 20,000-cycle per sec. (see Frequency) sound, to approximately 56&1/2' for a 20-cycle per sec. sound -- the two approximate extremes of human hearing sensitivity. There are waves outside of this range, but generally, they cannot be heard by humans.
- Weep Hole
- Small aperture at the base of an exterior wall cavity intended to drain out trapped moisture.
- Wet Sand
- To smooth a finished joint with a small-celled wet sponge. A preferred method to reduce dust created in the dry sanding method.
- WHI
- Warnock Hershey International, an independent fire-testing laboratory.
- Window Wall
- A type of metal curtain wall composed of metal framing members containing operable sash, fixed lights, ventilators, or opaque glass panels.
About Capital Zone Invewt Pro
Capital Zone Investment Pro, Inc. originated in 1995. The company; began in construction in 1978. Prior to incorporating, over the 15-year timespan We received a Florida State General Contractors License as well a Florida State General Roofing License, Connecticut State Brokers License for Real Estate & Mortgage and New York Real Estate Brokerage License; as well as furthering business designations. Capital Zone Investment Pro Partners are recognized members and consultants with such organizations as the Mortgage Bankers Association (MBA), United States Chamber of Commerce (USCC) and the United Nations, under their Global Market Place Registration. Capital Zone Investment Pro, has reached a new level of prosperity; with the recognition of the SEC as a burgeoning Project Development Company. Throughout the past 3 decades, Capital Zone Investment Pro has negotiated hundreds of business transactions as our clients continue to succeed.
The Administration Department at Capital Zone Investment Pro overseas aspects of the intake department as well. When Capital Zone Investment Pro moved in to the International markets in 2001, The Administration Team contributed in making Capital Zone Investment Pro a respected partner in several areas within the International Asset Community. In the fall of 2007 Capital Zone Investment Pro contributed to the Development and Matrix of an International Asset Platform. Coordinating efforts with the Administration and Asian Partners, this successful culmination moved Capital Zone Investment Pro further into the International Investment Arena. Working through 3 years of the Global Meltdown brought Capital Zone Investment Pro the needed stability and organizational quantum required for its successful Partner based lending platform.
NEW YORK
230 Park Avenue,
10th Floor
The Helmsley Building
New York, NY 10169
Dubai
Al Manara Tower,
Office N 1113, 11 floors,Business Bay
Dubai, United Arabe Emirates
CHINA
Duty Free Plaza
#16-8358
Yi Tian Road,
Fu Tian Town
Shenzhen City, China
FRANCE, FR
2, Rue André Pascal
75775 Paris
Cedex 16 - FRANCE
Phone: +33-(605) 972-037