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Houston Mortgage > Glossary >
Home Equity > 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.
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.
Schematic designs
Structural plans for a building¡¯s mechanical systems, such as its plumbing and electrical functions.
Second mortgage
A loan using a home's equity as collateral and which is subordinate to the original mortgage (i.e., the first mortgage has priority before all others). Also see home equity.
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 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.
Secured loan
Borrowed money that is backed by collateral.
Security
Property designated as collateral.
Semi-custom home
A house in which the buyer cannot alter the layout, but can specify amenities such as type of cabinets and floor coverings.
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