Glossary of terms used on this site
There are 105 entries in this glossary.S
| Term | Definition |
|---|---|
| Second Mortgage |
A loan that is in second position behind the first mortgage. Sometimes used as additional down payment or to pull equity from the home. |
| 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. |