Secondary Mortgage Market
The ability to sell mortgages, loans and savings to investors like Fannie Mae and Freddie Mac.
Second Mortgage
Used in the addition to the first mortgage. Second mortgages usually carry higher interest rates and are known as a higher risk to investors due to the fact that they are subordinate to any first mortgages.
Security
In the case of debt property is used as collateral.
Servicing
The servicing of a mortgage by billing, managing, filing, and collecting.
Settlement Statement
A closing agent makes a closing document that states the settlement cost of the loan. Once the agent finishes the document it is sent to the buyer at closing.
Special Assessment
An additional tax on property to pay for improvements in the community.
Sheriff's Deed
A deed given at the sheriff's sale.
Single Family Housing (SFR)
A home with only one dwelling, e.g. Town houses and detached single family homes.
Spec House
A dwelling built with the confidence that someone will buy it.
Standard Uniform Loan Application (Form 1003)
A standard loan application.
Subdivision
An area of land the is divided for the possibility of a housing development.
Subordination
A loan with a lower priority than another, e.g. a second mortgage lien is subordinate to a first mortgage lien.
Survey
A map provided by a licensed surveyor which shows land boundaries, measurements, and charts of property.
Sweat Equity
When improvements to the property are made by the owner, the value of the property rises by a value know as sweat equity.
