SECOND HOME
Commonly known as a vacation home. This home is not rented and is occupied occasionally by the owners. |
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SECOND MORTGAGE
A mortgage that has a lien position subordinate to the first mortgage. |
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SECONDARY MARKET
A system where existing mortgages are bought and sold. |
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SECURED LOAN
A loan that is backed by collateral. |
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SECURITY
The property that will be pledged as collateral for a loan. |
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SETTLEMENT
A meeting of parties involved in a real estate transaction to finalize the process. |
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SPECIAL ASSESSMENT
A special tax imposed on property, individual lots or all property in the immediate area. |
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SUBORDINATION AGREEMENT
Sacrificing a lien position to another mortgage. |
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