Glossary - Z

Zero balance

In general, zero balance denotes a checking account that maintains a balance of zero for all times. On the other hand, as soon as the due balance on a credit card is paid by the card holder and no new charge or expenses are incurred for the duration of the billing cycle, his or her monthly statement illustrates a zero balance. This means that the credit card holder does not owe any outstanding amount to the credit card issuing company.

Zero down mortgage

The zero down mortgage is a 100 per cent genuine funding product extensively accessible in Canada. Zero down mortgages enable the borrower to get into his or her home without having to make any down payment. In fact, this type of mortgage offers the borrower to get into their homes instantly.

Zoning

In matters related to real estate, zoning refers to the classification of permissible of land use by the government. In other words, zoning means legally dividing privately owned areas within the limits of a city into special zones as per the specific use of the land - residential, commercial and industrial. For instance, one zone may be marked only for building apartments and single-storied houses, but prohibited for use as factories or warehouses. It may be noted that each zone is controlled as to the density of population, site, size and the category of buildings sanctioned in that.