|
|
Houston Mortgage > Glossary >
Real Estate > S 1-10
|
|
Secondary Mortgage Loan
A mortgage loan that is in addition to a mortgage that already exists on the home.
Settlement
The time when loan and mortgage documents are formally signed and the loan transaction is completed. Sometimes called "Closing."
Settlement Agent (may also be called closing agent
The person who organizes and is in charge of the loan closing. The settlement agent is the person who can explain any document the borrower must sign.
Settlement Statement
A mortgage loan closing form required by HUD that is often called a HUD-1. It provides details of all charges and payments made in connection with your loan, and shows to whom they are distributed.
Sub prime Loans
These loans are priced higher than prime loans, often much higher. Loans to borrowers whose credit is less than perfect will almost always be subprime loans. There are also other circumstances that lead to subprime loans, including high outstanding debt, unproven income, etc. Even borrowers with good credit may receive subprime loans for a variety of reason, including fraud, discrimination, failure to shop around, etc.
Survey
A drawing or map showing the precise legal boundaries of a property and other physical features, prepared by a registered land surveyor
|
|
|
Houston Home Mortgage