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Real Estate Terms - letter S



Real Estate Terms - letter S

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Letter S


Second mortgage
A mortgage that has a lien position subordinate to the first mortgage.

Secondary mortgage market
The buying and selling of existing mortgages.

Secured loan
A loan that is backed by guarantee.

Security
The property that will be pledged as guarantee for a loan.

Seller take-back
An agreement in which the owner of a property offers financing, often in combination with an assumable mortgage.

Servicing
The collection of mortgage payments from borrowers and related tasks of a loan servicer.

Subdivision
A housing development that is produced by dividing a tract of land into individual lots for sale or rent.