Loan Services: Mortgage Loans
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Sale-leaseback
A sale and later lease from the buyer back to the seller
In a sale-leaseback, the homeowner forfeits ownership of a home and becomes a renter. Sale-leasebacks are common when the seller is buying or building another home and is not ready to move out on the sale date, or when parents sell their home to a son or daughter and remain in the house, keeping the property in the family.
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Sales comparable (Comp)
A property that has been recently sold that is used to estimate the value of a similar property
Comps are used to set the sales price for a property. Comps can also be used to obtain an updated value on your home – they provide a good reference point. Appraisers use comps to help them evaluate properties.
A comparable property that would work well for you would be one that has sold in the last six months and is similar to your home in age, style, size, condition and location. Real estate agents have easy access to comps through an online network.
See: Appraisal/Appraiser
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Seasonal income
Any income that you receive only at certain times of the year
Farmers have seasonal income.
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Second mortgage
A loan that is second in priority after a first mortgage
You can have one or more mortgages on your property.
See: Home equity loan, Piggy back loan
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Secondary market
A term describing the sale of closed mortgage loans by the lender to another entity
See: Fannie Mae, Freddie Mac
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Security
Collateral for a loan
See: Collateral
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Servicing a loan
The collection of monthly mortgage payments, handling of customer service inquiries and managing of the loan on a day-to-day basis
See: Mortgage banker
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Settlement
When the purchase of a property is completed
Settlement can be in escrow, or an actual meeting between buyer and seller. Generally, the rules for settlement are: (1) the buyer pays for the down payment and closing costs in one lump-sum; (2) the buyer and seller sign the closing documents; (3) the deed is recorded; and (4) the mortgage officially begins. If settlement is a meeting, the buyer and seller are often joined by other official persons. Settlement is also called closing.
See: Escrow, Closing costs
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Settlement statement
A document that gives a breakdown of the costs that the buyer and seller are responsible for on the closing date
The settlement statement shows the final paid closing costs. The settlement statement is also called HUD-1 or closing statement.
See: Closing costs
Compare: Good Faith Estimate
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Super jumbo loan
Any mortgage for $1 million or more
See: Jumbo loan
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