Glossary of Mortgage Terms

A (14) | B (6) | C (19) | D (8) | E (6) | F (12) | G (5) | H (8) | I (7) | J (2) | K (1) | L (7) | M (12) | N (4) | O (2) | P (11) | Q (1) | R (8) | S (5) | T (8) | U (3) | V (3) | W (2) | Y (1) | Z (1)
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second mortgage

A loan that is junior to a primary or first mortgage and often has a higher interest rate and a shorter term.

secondary market

A market comprising investors like GNMA, FHLMC and FNMA, which buy large numbers of mortgages from the primary lenders and sell them to other investors.

servicing

The responsibility of collecting monthly mortgage payments and properly crediting them to the principal, taxes and insurance, as well as keeping the borrower informed of any changes in the status of the loan.

settlement costs

See: closing costs.

survey

A physical measurement of property done by a registered professional showing the dimensions and location of any buildings as well as easements, rights of way, roads, etc.