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Houston Mortgage > Glossary >
Credit Repair > S 1-10
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S&L
Savings and Loan Association. A state or federally-chartered depository financial institution that was primarily a provider of home mortgages but since deregulation in the 1980¡¯s to offer services similar to a commercial bank.
Sale contract
A written agreement between buyer and seller that details price and other terms and conditions of sale.
Sale-leaseback
A transaction in which the seller transfers the deed to the buyer, then rents the property from the new owner.
Savings and Loan Association
A state or federally-chartered depository financial institution that was primarily a provider of home mortgages but since deregulation in the 1980s to offer services similar to a commercial bank.
Savings bank
A type of depository financial institution, found mostly in the northeastern United States, that accepts consumer deposits and invests these funds primarily in residential mortgages and high-grade securities. Mutual savings banks are owned by their depositors, while stock savings banks issue common stock to the public.
Savings Incentive Match Plan for Employees
Also called SIMPLE. A retirement plan that allows employees of businesses with 100 or fewer employees and self-employed persons to make contributions to an IRA. SIMPLE plan contributions cannot exceed $6,000 per year, and the contributions must be a percentage of the participant's earnings that is specified by the participant.
Secondary mortgage market
The trade in home loans that are bundled together and sold as securities to investors. It frees money so more people can get mortgages.
Secured card
A credit card that a cardholder secures with a savings deposit to ensure payment of the outstanding balance if the cardholder defaults on payments. It is used by people new to credit, or people trying to rebuild their poor credit ratings.
Secured credit card
A secured credit card is one in which the financial institution issues a card with a maximum that is equal to a deposit that the cardholder puts down. These cards are a good choice for people trying to establish or rebuild credit.
Secured debt
A debt that is secured by a lien on debtor's property that may be taken by the creditor in case of nonpayment by the debtor. A common example is a mortgage loan.
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