MORTGAGE LOAN GLOSSARYMORTGAGE LOAN GLOSSARYMORTGAGE LOAN 4 LOAN GLOSSARYLOAN4LOAN SITE MAPSITE MAPLOAN 4 LOAN SITE MAPMORTGAGE LOAN COLLECTIONMORTGAGE LOAN COLLECTIONMORTGAGE LOAN 4 LOAN COLLECTION
LOAN4LOAN
LOAN4LOAN
HOME
MORTGAGE LOAN4LOAN EDUCATION
LOAN
EDUCATION
MORTGAGE LOAN SEARCH BY LOAN4LOAN
LOAN
SEARCH
MORTGAGE LOAN4LOAN APPLICATION
LOAN
APPLICATION
BLOG4LOAN
BLOG4LOAN
HOME

Mortgage Loan Glossary

Loan4Loan
Education

A | B | C | D | E | F | G | H | I | J | K | L | M
N | O | P | Q | R | S | T | U | V | W | X | Y | Z
0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION

S

SAM
See Shared Appreciation Mortgage
Satisfied Mortgage
Mortgage loan that has been repaid in full with all agreed terms met.
Scheduled Mortgage Payment
Scheduled recurring payment for a mortgage loan made in an amount that is either fixed or varies according to the loan agreement. Monthly payment schedules are most common, but other schedules are available such as bimonthly and biweekly payments.
RELATED MORTGAGE TERMS: Bimonthly Mortgage|Biweekly Mortgage|Mortgage Payment
Seasoning
Amount of time that an individual officially owned a property or asset.
Seasoning of Assets
Bank or lender requirement for an individual to hold a certain value of assets for a specified period of time before approving them for a less expensive loan program.
Seasoning of Funds
Amount of money that is required to be held by an individual for a specific period of time as a bank or lender requirement for being approved for a better mortgage loan program.
Seasoning Requirements
Typically refers to an amount of time that a lender requires an individual to have owned a property before approving them for certain loan programs. Such loan programs may use a current, and usually higher, appraised home value to determine the interest rate, maximum loan amount, and other loan features. Otherwise the purchase price for the property is used to determine these terms, which usually results in a more expensive loan program.
Second Home
In terms of a mortgage loan application, it is a property that is owned but not used as the borrower's primary residence. Property in this category is not used for income purposes, includes vacation and work housing, and usually carry mortgage loan interest rates that are higher than those for a primary residence.
RELATED MORTGAGE TERMS: Investment Property (IP)|Single Family Residence (SFR)|Uniform Residental Loan Application (1003)
MORTGAGE LOAN EXAMPLES: Second Home
Second Mortgage
Mortgage loan that uses the equity in a property to secure a second loan rather than refinancing the primary loan. Second mortgages such as a home equity line of credit (HELOC) are used to accomplish an individual's goals ranging from reducing credit card debt to making improvements to a property.
RELATED MORTGAGE TERMS: Home Equity Line of Credit (HELOC)|Lien Position|Piggyback Loan
MORTGAGE LOAN EXAMPLES: Second Mortgage Loan
Secondary Market
Refers to the investors that purchase mortgage loans at a bulk rate and uses them as securities in their portfolio.
RELATED MORTGAGE TERMS: Investor
Security
Assets such as property, stocks, bonds, and other documented value that may be used as collateral.
Self Employed
Employment status of an individual who owns a business or knows a trade which generates their income. In terms of a mortgage loan application, slightly different documentation requirements for showing income and employment may be applied by the mortgage bank or lender.
RELATED MORTGAGE TERMS: Documentation Requirements|Stips
Seller Carryback
Agreement made between the buyer and seller of a property where the property is financed by the owner.
SIMILAR MORTGAGE TERMS: Owner Financing
Seller Contribution
In terms of a real estate transaction, it is an amount applied towards the down payment or settlement costs of the buyer's mortgage loan.
Serious Deliquency
Mortgage loan payment that has not been made for over 60 days. Such borrower deliquency may result in a default on the mortgage and place the property into foreclosure.
RELATED MORTGAGE TERMS: Default|Deliquency|Foreclosure
Servicing
See Loan Servicing
Service Agent
Provider of loan servicing to the borrower of a mortgage loan. This may be the bank or lender that originated the mortgage loan, or a third party loan servicing company.
RELATED MORTGAGE TERMS: Loan Servicing
Service Transfer
A change in provider for the servicing of a mortgage loan.
RELATED MORTGAGE TERMS: Loan Servicing
Settlement
See Closing
Settlement Costs
See Closing Costs
SFR
See Single Family Residence
Shared Appreciation Mortgage (SAM)
Mortgage loan program offered with an interest rate that is below the index as a trade for a share in the profit from the sale of the accumulated equity in the property.
MORTGAGE LOAN EXAMPLES: Shared Appreciation Mortgage Loan
Short Sale
See Pre-foreclosure Sale
Silent Second
Second mortgage loan that is acquired at the same time as a first mortgage loan for the purchase or refinance of a property. Such mortgages are acquired for various reasons including the use to cover the down payment of a property purchase or to cover the closing costs of a mortgage refinance.
RELATED MORTGAGE TERMS: Second Mortgage|80/20 Mortgage Loan
MORTGAGE LOAN EXAMPLES: Silent Second Mortgage Loan
Simple Interest Mortgage
Mortgage loan where the monthly payment is calculated using only a daily interest rate, the number of days since the prior payment date, and the unpaid principal loan balance.
SIMILAR MORTGAGE TERMS: Standard Payment Calculation
Single Family Residence (SFR)
Property type in which only one family resides. In terms of a mortgage loan application, it is a property that is occupied as the borrower's primary residence.
RELATED MORTGAGE TERMS: Investment Property (IP)|Second Home|Uniform Residental Loan Application (1003)
MORTGAGE LOAN EXAMPLES: Single Family Residence
Source of Income
In terms of a mortgage loan loan application, this field refers to an individual's primary source of income.
RELATED MORTGAGE TERMS: Uniform Residential Loan Application (1003)
Special Forebearance
See Loss Mitigation
Standard Payment Calculation
General mortgage loan formula for calculating the monthly payment which is based on the original loan amount, entire loan term, and the interest rate.
SIMILAR MORTGAGE TERMS: Simple Interest Mortgage
Statement of Information (SI)
Mortgage loan disclosure used primarily by the title company to verify a borrower's information and request a copy of the property's title report.
RELATED MORTGAGE TERMS: Stips
MORTGAGE LOAN EXAMPLES: Statement of Information
Stated Income
Mortgage loan that is obtained by an individual without providing documentation that verifies their income. Borrowers that state their income typically are charged a higher interest rate for not fully satisfying a mortgage bank or lender's documentation requirements.
RELATED MORTGAGE TERMS: Full Documentation|Stips
MORTGAGE LOAN EXAMPLES: Stated Income Mortgage Loan
Step Rate Mortgage
Adjustable rate mortgage loan program where the interest rate increases for a set period of time and then remains fixed for the remaining term of the loan.
MORTGAGE LOAN EXAMPLES: Step Rate Mortgage Loan
Stips
Term used by many mortgage loan professionals that refers to the documentation that is required from a borrower in order to submit a loan application for official approval. A common list of stips include signed borrowers authorization and statement of information disclosures, mortgage statements for existing loans, homeowner insurance policy, current year W-2 or 1099 IRS tax forms, and official identification.
RELATED MORTGAGE TERMS: Borrowers Authorization|Disclosures|Property Insurance|Statement of Information (SI)
MORTGAGE LOAN EXAMPLES: Stips
Streamlined Refinance
For borrowers that qualify, this mortgage loan program carrys reduced documentation requirements that are usually imposed by a mortgage bank or lender.
RELATED MORTGAGE TERMS: Documentation Requirements
MORTGAGE LOAN EXAMPLES: Streamlined Mortgage Loan
Subordinate
In terms of a mortgage loan, it refers to a loan that is ranked lower than the primary loan. One example of a subordinate mortgage loan is a second mortgage.
RELATED MORTGAGE TERMS: Lien Position|Second Mortgage
MORTGAGE LOAN EXAMPLES: Subordinate Mortgage Loan
Subordinate Financing
Refers to a refinance mortgage loan which does not repay any existing subordinate loans in order to be obtained.
Subordination Policy
Bank or lender policy for a second mortgage loan regarding their permission of subordinate financing.
RELATED MORTGAGE TERMS: Subordinate Financing
Subprime Borrower
Mortgage loan borrower that has a poor credit history, especially when it is a result of reported mortgage deliquencies.
RELATED MORTGAGE TERMS: Credit History|Mortgage Late|Serious Deliquency
Subprime Lender
Mortgage loan lender that specialize in catering to subprime borrowers.
RELATED MORTGAGE TERMS: Prime Lender | Subprime Borrower
MORTGAGE LOAN EXAMPLES: Subprime Mortgage Loan Lender
Suburb
Residential areas that are located either outside or near the edge of official city limits.
RELATED MORTGAGE TERMS: Rural Property
MORTGAGE LOAN EXAMPLES: Suburb
Sub 500 FICO
In terms of a mortgage loan, it refers to credit scores of an individual that are below 500 FICO. Mortgage banks and lenders that approve mortgage loans for individuals with a sub 500 FICO score are very limited.
MORTGAGE LOAN EXAMPLES: Sub 500 Mortgage Loan Lender
Survey
Precise diagram for the characteristics of a property including legal boundaries, parcel measurements, and other features which are drawn to scale.
Sweat Equity
Equity accumulated in real estate that was earned through labor driven improvements to the property.
MORTGAGE LOAN EXAMPLES: Sweat Equity

MORTGAGE LOAN COLLECTION
MORTGAGE LOAN TERMS | 0-9
A | B | C | D | E | F | G | H | I | J | K | L | M
N | O | P | Q | R | S | T | U | V | W | X | Y | Z

LOAN
EDUCATION
HOME


Mortgage Loan
GLOSSARY

Index
Collection


Mortgage Loan
OVERVIEW

Mortgage Basics
Refinance Basics
Purchase Basics
Loan Types


Mortgage Loan
RESOURCES

Mortgage Tools
Mortgage Sites


Mortgage Loan
EZINE

Free Sign Up


LOAN4LOAN
HOME

ESPANOL
LOAN4LOAN
LOAN4LOAN Terms of Use
Copyright © 2006 Loan4Loan, Inc.
SITE
MAP