Mortgage Terms - "S"

Sample arm note and deed of trust

 

Sample balloon note and deed of trust

 

Sample fixed rate note and deed of trust

 

Second Home

Commonly known as a vacation home. This home is not rented and is occupied by the owners occasionally.

Secondary Financing

A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or trust deed.

Secondary Market

The buying and selling of mortgage notes between sophisticated investors such as pension funds, commercial banks, savings and loans, and wall street firms.

Secondary Market Investor

An entity, such as FNMA or FHLMC, that buys mortgage loans for investment or sells them again to another secondary market investor. Secondary market investors do not service loans and do not collect payments from borrowers.

Secondary Mortgage MARKET

The buying and selling of first mortgages of trust deeds by banks, insurance companies, government agencies, and other mortgagees.

Security

Real or personal property pledged by a borrower, as additional protection for the lender's interest.

Seller's Broker

Agent who takes the seller as a client, is legally obligated to a set of fiduciary duties, and is required to put the seller's interests above all others.

Septic System

A sewage system, whereby waste is drained through pipes and a tile field into a septic tank.

Set Back Ordinance

Regulates the distance from the lot line to the point where improvements may be constructed.

Settlement Cost, a HUD Guide

This booklet gives an overview of the lending process and is required by HUD. It is provided to consumers after the loan application is completed.

Settlement Statement

A statement prepared by broker, escrow, or lender, giving a complete breakdown of the cost of involved in a real estate transaction.

Sheriff's Deed

A deed given at the sheriff's sale in foreclosure of a mortgage.

Signed Sealed and Delivered

A phrase indicating that everything necessary to convey has been done by the grantor.

Single Family Detached Home

A residential home that is not attached physically to another home.

Specific Performance

Lawsuit requesting that a contract be exactly carried out, usually asking that the seller be ordered to convey the property as previously agreed.

Standard Uniform Application

An application developed by FNMA and FHLMC that is widely used in the mortgage industry.

State and Local Housing Programs

Unique housing finance programs to assist first time home buyers and low to moderate housing groups. Each state and local group has different sets of criteria.

Statutory Lien

An involuntary lien, includes tax liens, judgement liens, mechanic liens, etc.

Substitute of Trustee

A document which is recorded to change the trustee under the deed of trust.

Survey

Map made by a licensed surveyor who measures that land and charts its boundaries, improvements and relationship to the property surrounding it.