Glossary of Terms - S

To better understand some of the industry terms and technical language used during the process of borrowing money for real estate purchases, search our glossary index. You will be talking the talk with one of our mortgage professionals in no time! If you still have questions, contact us.

Second Mortgage

A loan issued on property that is already encumbered by an existing mortgage (ie: the first mortgage). The second mortgage is subordinate to the first.

Secondary Mortgage Market

The market wherein home loans are sold by the lender after closing to Fannie Mae, Freddie Mac or a variety of other institutional investors.

Survey

A map prepared by an engineer or surveyor charting a particular piece of real estate.