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Mortgage Terms

Satisfaction of Mortgage: the document issued by the mortgagee when the mortgage loan is paid in full.  

Second Mortgage: a mortgage made subsequent of another mortgage and subordinate to the first one.

Security: the property that will be pledged as collateral for a loan.

Seller carry back: an agreement in which the owner of a property provides financing, often in combination with an assumable mortgage.

Settlement: another name for closing.

Simple interest: interest which is computed only on the principle balance.

Special Forbearance: a loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.

Standard payment calculation: the method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments over the remaining term of the mortgage at the current interest rate.

Subordinate: to place in a rank of lesser importance or to make one claim secondary to another.

Survey: a property diagram that indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc.

Sweat equity: using labor to build or improve a property as part of the down payment.