Mortgage Loans Terms For Home Mortgages And Lending | S - U
Satisfaction of Mortgage - When the mortgage is repaid in full, the lender issues this document.
Second Mortgage - A mortgage made in addition to an existing mortgage on a given property.
Secondary Mortgage Market - Primary mortgage lenders sell their mortgages to this market to generate more funding in order to create more loans.
Servicing - Actions taken by the lender to keep a client's loan in "good standing." This includes payment collection, tax payments, insurance, etc.
Settlement/Settlement Costs - See closing/closing costs.
Shared Appreciation Mortgage - This type of mortgage features a borrower who receives an interest rate below market value in exchange for the lender receiving a portion of the appreciation of the property value in the future.
Simple Interest - Interest that is calculated on the loan's principal only.
Survey - A land surveyor measures a piece of land, marking its location in reference to particular points and its dimensions.
Sweat Equity - This type of equity is created by a buyer performing work on the piece of property being bought.
Title - A document proving ownership of a piece of property.
Title Insurance - Insures the homebuyer against any errors that occur in the title search.
Title Search - An examination of records to determine the legal owner of a property.
Truth-In-Lending - This law requires a lender to disclose the APR to homebuyers after they have applied for the loan.
Two-Step Mortgage - In this type of mortgage, the borrower receives an interest rate below the going market value for a set number of years, and then receives an adjusted interest rate when this specified amount of time has expired.
Underwriting - The lender's decision to make a loan to a potential client based on credit history, employment, and other factors that would affect the amount of risk involved in the transaction.
Usury - Interest charged that surpasses the legal rate.
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