second
mortgage
A mortgage that has a lien position subordinate to the first mortgage. secured loan
A loan that is backed by collateral.
security
The property that will be pledged as collateral for a loan.
servicer
An organization that collects principal and interest payments from borrowers and manages
borrowers’ escrow accounts. The servicer often services mortgages that have been
purchased by an investor in the secondary mortgage market.
servicing
The collection of mortgage payments from borrowers and related responsibilities of a loan
servicer.
subdivision
A housing development that is created by dividing a tract of land into individual lots for
sale or lease.
subordinate
financing
Any mortgage or other lien that has a priority that is lower than that of the first
mortgage.
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. |
Equal Housing Lender. © 2007 Abela Group Home Loans, L.L.C. Trade/service marks are the property of Abela Group Home Loans L.L.C., and/or its
subsidiaries. *Loan Approval is subject to satisfactory appraisal and title review and no change in financial condition. If the rate is
not locked or rate protection expires, any rate increase may lower the loan amount for which the borrower has pre-qualified. **Interest Rates
are subject to change without notice. Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly
payments and the total amount paid when comparing to your current situation.