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 Mortage Definitions

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Mortgage Definitions


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Mortgage Terms (S)

Salary: Compensation paid for periodic, fixed payment, services that are rendered in the form of a job or other employment status.

Sales Contract: A written contract stipulating the price, terms, and conditions of a home or other property that both the buyer and the seller signs to make it binding.

Savings And Loan Association: Federally insured and regulated institutions that specialize in long term mortgage financing, checking and savings accounts, and other monetary related services.

Seasoned Loan: In mortgage terms, a seasoned loan is one that has been serviced for a specified period of time, meaning that it is not a new loan and that the payments have been made on a regular basis.

Secondary Mortgage Market: The market in which mortgages and trust deeds are bought and sold. This market basically allows mortgages to be bought and sold at discounts, at full value, or above the value, by banks, government agencies such as Fannie Mae and Freddie Mac, insurance companies, and other investors.

Second Mortgage Or Second Trust Deed: A mortgage or trust deed that takes a subordinate position on a property behind the first trust deed or mortgage. The second mortgage or trust deed has greater risk because if the property goes into foreclosure, it is satisfied only after the first has been paid.

Seller: In real estate terms, the seller is the individual or company that transfers ownership of a property in exchange for cash or trade.

Selling Agent: The broker or agent who has been enlisted to represent a seller of a particular property. The selling agent enters into a contract to procure a buyer for the property and to use due diligence in concluding the sale.

Settlement Statement: At the close of escrow, the settlement statement is an accounting of all the monies that changed hands during the transaction. Also known as the Final HUD-1, the settlement statement depicts all financial requirements including payoff of loans, fees, taxes, insurance, commissions, title charges, and the amounts paid out and received by both the buyer and the seller.

Short Sale: The taking of less money than that which is owed on a mortgage in order to facilitate the purchase of the property, usually to prevent the property from going into foreclosure. The lender has to agree to the short sale and the seller is usually denied any profits form the sale and may have tax consequences. for the seller and the seller is usually denied any profit from the sale.

Spouse: In a marriage, a spouse is either the husband or the wife of the relationship.

Statement of Information: A form that is filled out by the buyers and the sellers during escrow that documents information needed by the title company to help determine if there are any liens filed against either party to the transaction.

Subject Property: In appraisal terms, the subject property is the property that is being appraised.

Sub-Prime Loans: Loans that are made to individuals who have less than perfect credit. There are different variations of subprime loans that usually coincide with the severity of a borrowers credit. The worse a borrowers credit is, the higher the interest rates that are charged.

Supply And Demand: An economic theory stating that when the supply exceeds demand, prices fall, and when the demand exceeds supply, prices rise. This can easily be seen in the real estate market. When there are more homes on the market than available buyers, home prices go down, in what is called a buyer's market. When there are fewer homes for sale and a larger supply of buyers, the prices rise. This is called a seller's market.


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