| P |
|
| Per diem interest |
Interest calculated per day. |
| Permit |
Authorization from a government organization to remodel. |
| Pier block |
A concrete block used to support foundation members such as posts, beams, girders, and joists. |
| Pitch |
The angle of the slope of a roof as expressed as the ratio of the rise, in feet, to the span, in feet. |
| PITI |
principal, interest, taxes and insurance-the components of a monthly mortgage payment. |
| Plywood |
A sheet of wood manufactured by gluing several sheets together. |
| PMI |
See private mortgage insurance. |
| Points (or discount points) |
A fee paid to the lender at the time that you get your loan to reduce the interest rate or otherwise change the terms of the loan. |
| Power of attorney |
A legal document authorizing one person to act on behalf of another. |
| Prefabrication |
Construction of components such as walls, trusses, or doors, before delivery to a building site. |
| Prepayment Penalty |
Fee charged by a lender for a loan paid off in advance of the contractual due date. |
| Prequalification |
The process of determining how much money a prospective homebuyer will be eligible to borrow prior to applying for a loan. |
| Principal |
The amount of debt, not counting interest, left on a loan. |
| Private mortgage insurance (PMI) |
Insurance to protect the lender in case you default on your loan. |
| Prorate |
To divide or distribute equally. |
| R |
|
| Rent back |
Staying for a few months in your home after you sell it by paying the new owners a monthly payment. |
| Resilient flooring |
A durable floor such as vinyl or linoleum. |
| Right to rescission |
Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage. |
| Roof sheathing |
Sheets, usually of plywood, nailed to the top edges of trusses or rafters to tie the roof together and support the roofing material. |
| Rough flooring |
Materials used to form an unfinished floor. Also known as the subfloor. |
| S |
| Sash |
The movable part of a window; the frame in which panes of glass are set in a window or door. |
| Septic tank |
A sewage-settling tank in which part of the sewage is converted into sludge before the remaining waste is discharged by gravity into the ground. |
| Setback |
The distance a building must be set back from the property lines in accordance with local zoning ordinances or deed restrictions. |
| Shake |
A wood shingle used for roofing. |
| Sheathing |
Exterior-grade boards used as roof deck material. |
| Slab |
A type of foundation with a concrete floor placed directly on the soil. |
| Soffit |
The finished underside of the eaves. |
| Subfloor |
Usually, plywood sheets that are nailed directly to the floor joists and that receive the finish flooring. |
| Sump |
A pit in the basement in which water collects to be pumped out with a pump. |
| T |
| Tear down |
A house that will be removed substantially from a lot and a new one rebuilt in its place. |
| Time and material contract |
An agreement with a contractor where they are paid an hourly rate and the cost of the materials they buy to complete the work. |
| Treated lumber |
A wood product impregnated with chemicals to reduce damage from wood rot or insects. Often used for the portions of a structure that are likely to be in ongoing contact with soil and water. |
| U |
| Underlayment |
A layer of wood or other material designed to support a surface material; used under vinyl and other types of flooring as well as beneath shingles or other roofing material. |
| Underwriting |
The process of verifying data and approving a loan. |
| W |
| Wainscoting |
The lining on the lower three or four feet of an interior wall, consisting of paneling different from the rest of the wall. |
| Wall sheathing |
Sheets of plywood, gypsum board, or other material nailed to the outside face of studs as a base for exterior siding. |
| XYZ |
| Zoning |
The city or county regulations that control the use and character of property. |
