S Mortgage Terms | Watkinsville Real Estate
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Second Mortgage
The Second Mortgage on a property. In the event of a
Foreclosure, the lender of this mortgage has to wait
in line to be paid, behind the primary mortgage holder.
There is more risk for a Second Mortgage holder. That
is why the terms are never as good as the terms that
are available for a Primary Mortgage.
Secured Loan
A loan that is backed by collateral.
Security
The property that will be pledged as collateral for
a loan.
Security Interest
An interest that a lender takes in the borrower's property
to assure repayment of a debt.
Servicing a Loan
The ongoing process of collecting and applying your
monthly mortgage payments on your loan together with
handling other related items such as paying for taxes
or insurance.
Settlement Sheet - see HUD
I Settlement Statement
Survey
A drawing or map showing the precise legal boundaries
of a property, the location of improvements, easements,
rights of way, encroachments, and other physical features.
Sweat Equity
Contribution to the construction or rehabilitation of
a property in the form of labor or services rather than
cash.
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