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NH REAL ESTATE | NH HOMES | LAKE WINNIPESAUKEE REAL ESTATE | NH LAND | NH REALTORS Tim & Pam (603) 651-8806
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SALE-LEASEBACK - A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.
SECOND MORTGAGE - A mortgage that has a lien position subordinate to the first mortgage.
SECONDARY MORTGAGE MARKET - The buying and selling of existing mortgages.
SECURED LOAN - A loan that is backed by collateral.
SECURITY - The property that will be pledged as collateral for a loan.
SELLER TAKE-BACK - An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. See owner financing.
SERVICER - An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market.
SERVICING - The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.
SETTLEMENT - See closing.
SETTLEMENT SHEET - See HUD-1 statement.
SPECIAL DEPOSIT ACCOUNT - An account that is established for rehabilitation mortgages to hold the funds needed for the rehabilitation work so they can be disbursed from time to time as particular portions of the work are completed.
STANDARD PAYMENT CALCULATION - The method used to determine the monthly payment required to repay the remaining balance of a mortgage in substantially equal installments over the remaining term of the mortgage at the current interest rate.
STEP-RATE MORTGAGE - A mortgage that allows for the interest rate to increase according to a specified schedule (i.e., seven years), resulting in increased payments as well. At the end of the specified period, the rate and payments will remain constant for the remainder of the loan.
SUBDIVISION - A housing development that is created by dividing a tract of land into individual lots for sale or lease.
SUBORDINATE FINANCING - Any mortgage or other lien that has a priority that is lower than that of the first mortgage.
SUBSIDIZED SECOND MORTGAGE - An alternative financing option known as the Community Seconds mortgage for low- and moderate-income households. An investor purchases a first mortgage that has a subsidized second mortgage behind it. The second mortgage may be issued by a state, county, or local housing agency, foundation, or nonprofit corporation. Payment on the second mortgage is often deferred and carries a very low interest rate (or no interest rate). Part of the debt may be forgiven incrementally for each year the buyer remains in the home.
SURVEY - A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
SWEAT EQUITY - Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.
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CENTURY 21 Lakes Region Realty, Route 16 & 25, Ossipee, NH 03815 Cell: (603) 651-8806 Office: (603) 539-2155 Fax: (603) 539-2135
Website: WWW.REINNH.COM Tim Wade & Pamela Ross, NH REALTORS Email: LOOKING@REINNH.COM |
©2007 CENTURY 21 Lakes Region Realty. An Equal Opportunity Company. CENTURY 21 in 45 countries, 8,000 offices, 147,000 agents of change.
CENTURY 21 Lakes Region Realty fully supports the principles of the Fair Housing Act (Title VIII of the Civil Rights Act of 1968).
Each CENTURY 21 Office Is Independently Owned And Operated. All rights reserved. Information appearing on this site has been produced by or obtained primarily from CENTURY 21 Lakes Region Realty and its representatives and from CENTURY 21 franchisees. CENTURY 21 Lakes Region Realty is not responsible for the accuracy or completeness of the broker information, sales associate information, listing information or other information appearing on or through this site. Such information has been provided by independent third parties who are solely responsible for such content. Certain conditions and restrictions apply to promotions.
   
Copyright 2007 Northern New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NNEREN. Subject to errors, omissions, prior sale, change or withdrawal without notice. The agency referenced may or may not be the listing agency for the property listings displayed on this website.
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