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Glossary group: A

Annual Percentage Rate (APR)

  • March 5, 2021
  • camuser

Annual cost of credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance, and other items.

Anchor bolts

  • March 5, 2021
  • camuser

Bolts to secure a wooden sill plate to concrete , or masonry floor or wall.

Amortization

  • March 5, 2021
  • camuser

A payment plan by which a loan is reduced through monthly payments of principal and interest.

Allowance(s)

  • March 5, 2021
  • camuser

A sum of money set aside in the construction contract for items which have not been selected and specified in the construction contract. For example, selection of tile as a flooring may require an allowance for an underlayment material, or an electrical allowance which sets aside an amount of money to be spent on electrical… Continue reading Allowance(s)

Air space

  • March 5, 2021
  • camuser

The area between insulation facing and interior of exterior wall coverings. Normally a 1″ air gap.

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