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Canadian Real Estate / Mortgage Glossary : H

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

A room that contains a toilet and sink, but no tub or shower.

 Hazard Insurance
Insurance coverage that compensates for physical damage to a property from natural disasters such as fire or other hazards. Depending where a piece of property is located, lenders may also require flood insurance or policies covering windstorms (hurricanes) or earthquakes.

An area equal to 100 meters by 100 meters

 Historic Preservation
A movement to protect buildings with historic value from destruction or extensive renovation.

 Historic Structure
A building recognized by the Canadian Government as a historical building and is registered

 Hold Back
An amount of money withheld by the lender during the progress of construction of a house to ensure that construction is satisfactory at every stage. The amount of hold-back is generally equivalent to the estimated cost to complete construction.

 Holding Period
The length of time a capital asset is owned. Assets held 12 months or less are short-term; those owned more than 12 months are long-term properties.

 Home Banking
A way to access bank accounts by phone. Typically customers can transfer funds, pay bills and make account inquiries.

 Home Equity
The part of a home's value that the mortgage borrower owns outright; the difference between the fair market value of the home and the principal balances of all mortgage loans.

 Home Equity Debt
Debt secured by your home.

 Home Equity Line of Credit
An open-ended loan, paid as revolving debt, that is backed by the equity in the property or home.

 Home Equity Loan
A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.

 Home Inspection
A thorough examination of a house's visible structural parts and systems, conducted before purchase.

 Home Office
A part of your home or other structure on your property for which you qualify to take a deduction for its business use.

 Home Warranty
A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.

 Homeowner's Association
An elected group that governs a subdivision or planned community. It collects fees from owners to maintain common areas and enforce covenants, conditions and restrictions set by the developer and the association itself.

 Homeowner's Insurance
A policy that includes hazard coverage, covering loss or damage to property, as well as coverage for personal liability and theft.

 Homeowner's Insurance Binder
A document accompanying a homeowner's insurance policy. Its sole purpose is to verify that the homeowner's property is, in fact, properly insured.

 Homeowner's Warranty
A policy that guarantees workmanship on construction of a home and functionality of some appliances, and which pays for repairs for a specified period.

 Household Income
The total income of all members of a household.

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