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home :: Mortgage Terms
Glossary S
Mortgage Terms Glossary
S
Second mortgage: a loan that is junior
to a primary or first mortgage and often has a higher interest rate
and a shorter term.
Secondary market: a market comprising
investors like GNMA, FHLMC and FNMA, who buy large numbers of
mortgages from the primary lenders and resell them to other
investors.
Servicing: the responsibility of
collecting monthly mortgage payments and properly crediting them to
the principal, taxes and insurance, as well as keeping the borrower
informed of any changes in the status of the loan.
Settlement: another name for closing.
Settlement costs: see closing
costs.
Special Forbearance: a loss mitigation
option where the lender arranges a revised repayment plan for the
borrower that may include a temporary reduction or suspension of
monthly loan payments.
Subordinate: to place in a rank of
lesser importance or to make one claim secondary to another.
Survey: a property diagram that
indicates legal boundaries, easements, encroachments, rights of way,
improvement locations, etc.
Sweat equity: using labor to build or
improve a property as part of the down payment.
Related
Topics:
Rent to Own Home
Take Over Mortgage
Mortgage Payment
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