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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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S – sales contract, satisfaction or mortgage, seasoned mortgage, second
mortgage…more
SALES CONTRACT - a written agreement between buyer and seller, stating terms
and conditions of a sale or exchange of property.
SATISFACTION OF MORTGAGE - the recorded instrument the lender provides, to
evidence the full payment of a mortgage debt.
SEASONED MORTGAGE - a mortgage on which payments have been made regularly for a
year or longer.
SECOND MORTGAGE (HOME EQUITY LOAN) - a mortgage loan that has rights which are
subordinate to a first, or senior lien. AAXA works with lenders that offer both
fixed rate second mortgages and
home equity lines of credit .
SECURED PARTY - an entity party holding a security interest or lien, also
called the mortgagee.
SECURITY INSTRUMENT - mortgage or deed of trust, evidencing the pledge of real
estate as collateral for a loan.
SELF-EMPLOYMENT INCOME - the net earnings from your business or profession,
determined by subtracting business expenses from gross tax return reported
income. For lending documentation purposes, if you didn't pay taxes on it, you
didn't earn it.
Stated income loans and no documentation mortgages are popular choices
to for self employed borrowers.
SELLER CONTRIBUTIONS - payment by the seller or any other interested party of
some or all of the purchaser's usual closing costs. Investors and pmi insurers
sometimes limit the amount of seller contribution and require lenders to adjust
the property's value if contributions exceed limitations. Undisclosed seller
contributions (such as decorating allowances, appliances or payment of moving
expenses) are made to borrowers outside of closing, and are also subject to
investor/lender and insurer restrictions.
SENIOR MORTGAGE (LIEN) - a first mortgage or deed of trust.
SETTLEMENT COSTS - money paid by borrower (and seller if a purchase
transaction) to effect the closing of a mortgage loan, including payments for
title insurance, survey, attorney fees, and such prepaid items as taxes and
insurance escrow.
SITE DEVELOPMENT - all improvements made to a site, such as clearing, grading
and the installation of public utilities, before the actual construction of a
building.
SITE VALUE - the value of land without improvements, as if vacant.
SPECIAL ASSESSMENT DISTRICT - a governmental subdivision with the power to tax
and improve property within its jurisdiction. Also called special improvement
district.
SPOT LOANS- single family residential real estate mortgage loans solicited on
an individual basis, rather than through Realtor referrals, or otherwise.
SUBCONTRACTOR - a person or company contracted to perform work for a developer
or general contractor.
SUBDIVISION - improved or unimproved land divided into a number of parcels for
sale, lease, financing or development.
SUBORDINATION - the act of a party acknowledging, by a written record, that a
debt is inferior to the interest of another in the same property. Subordination
may also apply not only to mortgages but to leases, real estate rights and any
other types of debt instruments.
SURETY BOND - written evidence of a third party, called the surety, that will
be primarily liable for a debt in the case of default.
SURVEY - a measurement of land, prepared by a registered land surveyor, showing
the location of the land with reference to known points, its’ dimensions and
the location and dimensions of any improvements.
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A
- adjustable rate mortgage, adjustment interval, amortization, annual
percentage rate (APR)…more
B – balloon mortgage, bankruptcy, basis point, beneficiary…more
C - caps, cash flow, cash out (second mortgage), cash out refinance…more
D - debt consolidation, debt service, debt reduction plan, debt-to-income
ratio…more
E - earned and unearned income, earnest money, easement, economic life…more
F - Fair Credit Reporting Act, fair market value, Fannie Mae…more
G - good faith estimate, grace period, gradual payment mortgage (GPM),
grantee…more
H - home equity, home improvement loan, Home Mortgage Disclosure Act
(HMDA)…more
I - index, in file credit report, inflation, initial interest rate, ingress and
egress…more
L - lender buy-down mortgage, liability insurance, LIBOR, loan application…more
M - manufactured home, market value, maximum loan amount, mechanic’s lien…more
N - negative amortized (Neg/AM), Neg AM Loans, negative cash flow, net
worth…more
O - obsolescence, off-site improvements, on-site improvements, ordinary
income…more
P – par, partial payment, partnership, party wall, payment shock…more
Q – quality control, quit claim deed, quote…more
R – rate shopper, real property, real estate loans, reconciliation…more
T – tax lien, tenancy in common, tenant, term, title, title insurance…more
U – underwriting, unencumbered property, uniform commercial code (UCC)…more
V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
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