|
Savings rate
The rate of return you receive on your investments, stated as a
yearly percentage rate. Also called the rate of return.
Secondary market
The market in which lenders and investors buy and sell existing
mortgages or mortgage-backed securities, which in turn provides
greater availability of funds to lenders for additional mortgage
lending.
Second Home
A property purchased for occupancy by the owner but is not the
primary residence. Usually recreational properties.
Second mortgage
The traditional term for a home loan that's a subordinate lien and
not a first mortgage, such as a home equity loan or line of credit.
Secured loans
Loans for which you've given the lender a lien on property such
as an auto, boat or other personal property or real estate that
will serve as collateral for the loan.
Secure Socket
Layer (SSL)
A protocol designed to increase security on the Internet. It allows
encrypted files to be transferred from one computer to another.
Security interest
The legal right an owner gives to a lender to use the owner's property
as collateral for repayment of a debt to either the owner or another
borrower.
Self-Employment
A
person who owns at least 25% of the entity for which generates
income for that person.
Seller Contributions
Payment
by the seller or any other interested party of some or all of the
purchaser's usual closing costs.
Settlement
The completion of a property's sale or purchase, or the completion
of all steps necessary to receive the proceeds of and create an
obligation to repay a loan. Also called a closing.
Settlement
costs
Fees paid at, or prior to, the closing of your loan. They may include
attorneys' fees, as well as fees for preparing and filing a mortgage,
and for taxes, title search, and insurance. They're all the expenses
incurred in obtaining the loan and in transferring the ownership
of property from the seller to the buyer. Generally, settlement
costs range from 2% to 5% of the mortgage amount. Also called closing
costs.
Single-family
residence (SFR)
A detached individual housing unit. The property shares no common
ground with neighboring properties and shares no wall or roof, but
can be part of a planned unit development (PUD).
|
