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Today's Mortgage Terms starting with S

Second Mortgage:

An additional mortgage that has rights that are secondary to the first mortgage.

Seller’s Market:

Market conditions that are favorable to sellers. There are more buyers than properties available for sale. The buyers may be forced to compete and pay more for the same property.

Settlement Costs:

Money paid by the borrowers and sellers to complete the closing of a mortgage.

Settlement Cost (HUD Guide):

HUD publishes a booklet that gives an overview of the lending process and is given to consumers after completing their loan application.

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Prospero’s Island? - Inside Higher Ed
We reached the island on the morning of Labor Day, as the last of the vacationers were closing up their summer rentals; they caught the afternoon ferry back to New Bedford. At peak times, there may be 300 people on Cuttyhunk. It is a tiny island with ...

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