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Mortgage glossary: Letter S |
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Sales Contract Your written agreement to sell or purchase a home, signed by both the seller and buyer.
Secondary Market A financial arena where mortgages are bought and sold, either individually or grouped together into securities backed by those mortgages. Fannie Mae and Freddie Mac are the backbone for the conventional secondary market. Other secondary markets exist for nonconforming loans, subprime loans, and others.
Second Mortgage Sometimes called a ''piggyback'' mortgage, a second mortgage assumes a subordinate position behind a first mortgage. If the home goes into foreclosure, the first mortgage would be settled before the second could lay claim. See also Junior Lien.
Seller The person transferring ownership and all rights for his home in exchange for cash or trade.
Settlement Statement Also called the Final HUD-1. It shows all financial entries during the home sale, including sales price, closing costs, loan amounts, and property taxes. Your initial good faith estimate will be your first glimpse of your settlement statement. This statement is one of the final documents put together before you go to closing and is prepared by your attorney or settlement agent.
Subprime Loan A loan made to people with less than ''prime'' credit. There are various stages of subprime credit, from loans for those with simply ''tarnished'' credit that can't quite get a conventional mortgage, to those with seriously damaged credit who may be in or just out of bankruptcy or have collection accounts or judgments and liens against them.
Survey A map that shows the physical location of the structure and where it sits on the property. A survey also designates any easements that run across or through the property.
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