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Mobile Home Finance Dictionary > S
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Savings and Loan Association: (S&L) A state or federally chartered thrift institution that specializes in making residential mortgages.
Second Mortgage: A home loan that has rights subordinate to the rights of the first mortgage. Not normally offered to manufactured homes located in parks and/or leased lot communities.
Secondary mortgage market: A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called the secondary money market. Mortgages are first originated in the primary mortgage market.
Security interest: A Uniform Commercial Code term which replaces such terms as chattel mortgage, pledge, trust receipt, chattel trust, equipment trust, conditional sale, inventory lien, etc. that is used to designate the interest of a creditor in the property of a debtor in all types of credit transactions.
Servicing: The collection of payments and management of operational procedures related to a mortgage.
Settlement Statement: A document required by the Real Estate Settlement Procedures Act that is an itemized statement of services and charges relating to the closing or settlement of the property transfer. Also called "HUD-1 Settlement Statement" or "Uniform Settlement Statement."
Single-Family Home: A type of property, usually detached, where one family owns the home and the land on which it stands.
Society of Real Estate Appraisers, SREA: A trade association of residential real estate appraisers that awards the SRA, SREA and SRPA designations.
Sole and Separate: A form of ownership where one individual owns the property, another the manufactured home.
Specifications: A detailed description of the size, shape, materials and other details of a building or remodeling project.
Statute of frauds: A state law based on an old English statute that requires certain contracts affecting title to or possession of real estate such as contracts for the sale of real property and contracts not to be performed within one year to be in writing and signed before they can be brought before a court of law to be enforced.
Statute of limitations: The commonly-used identifying term for various statutes which require that a legal action be begun within a prescribed time after acquiring the right to seek legal relief.
Straight loan: A non-amortizing loan in which a borrower repays the principal in a lump sum at maturity while interest can be paid fully at maturity or in installments.
Subprime loan: A loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Subprime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate. Although the additional percentage may seem small, for mortgages and other large loans, this translates to thousands of dollars worth of additional interest payments.
Subdivision: An area of land regulated by state law that is divided into parcels or lots that are suitable for building and having the eventual goal of sale, lease or financing.
Surety bond: An insuring agreement that is frequently used in the real estate business to be responsible for named possible defaults such as that a particular project will be completed at a certain date or that a contract will be performed as stated which basically covers the insured party's personal and or financial integrity.
Survey: A professional measurement of a property and the land around it.
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