Fairway Asset Corporation - MORTGAGE DICTIONARY

Morgage Dictionary

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There are currently 9 names in this directory beginning with the letter S.
Sales Contract
A formal written contract in agreements of real estate sales made between a homebuyer and seller. This document includes the property address, condition of the home, purchase price, prior inspections, date of closing, all contact information and more.

Second Mortgage
A mortgage taken out after a first mortgage which gives borrowers flexibility to access the cash equity in their home. Also known as a home equity loan.

See 'Closing.'

Short Refinance
A refinance in which the lender agrees to lower the rate and/or change the term despite the mortgage balance exceeding the value of the property.

Short Sale
A foreclosure alternative where a property is sold for less than the balance written on the existing associated mortgage.

Streamline Refinance
An expedited refinance that requires limited underwriting, in some cases may even forego the need of an appraisal.

Subprime Loan
A loan reserved for those who have difficulty qualifying for a traditional loan.

A formal inspection of property that establishes boundary lines and defines any types of limits on construction and other features that could possibly affect the value of the property. In many cases lenders require buyers to purchase a property survey.

Swing Loan
See 'Bridge Loan.'