Glossary of terms used on this site
There are 105 entries in this glossary.All
| Term | Definition |
|---|---|
| Settlement Costs |
See CLOSING COSTS. |
| Settlement Statement |
A statement that details the monies paid out and received by the buyer and seller at closing. |
| Short Sale |
A property sale negotiated with a mortgage company in which a lender takes less than the total amount due on the mortgage loan. |
| Silent Second |
A silent second is a second mortgage made available, usually by a city, to assist a first-time buyer with the down payment. No monthly payment is required; therefore, it is referred to as “silent”, also known as Down Payment Assistance programs or DPAs. |
| Start Rate |
The interest rate at the beginning of an adjustable rate mortgage loan. The rate lasts for a short period and then changes to the permanent rate formula of the index plus margin. |
| Sweat Equity |
The value added to a property due to improvements as a result of work performed personally by the owner. |
| Term |
The length of a mortgage loan. |
| Title |
Refers to the ownership of a particular piece of property. |
| Trust Deed |
See DEED OF TRUST. |
| Trustee |
In a deed of trust, this one who holds title to the property for purposes of issuing a reconveyance or instituting foreclosure proceedings. |