Title Insurance Glossary (terms starting with S)
A mortgage that has a lien position subordinate to the first mortgage. Second mortgages are often home equity credit lines or home equity loans.
The buying and selling of existing mortgages by investors, usually as part of a "pool" of mortgages.
Represents the interest of the seller in a real estate transaction.
A loan in which interest is calculated, based on the outstanding principal sum, and is not compounded on interest due or the original amount borrowed.
Any loan or mortgage that has lower priority than the first mortgage.
A drawing or map that details the legal boundaries of a property and the location of improvements, easements, rights of way, encroachments, and other physical features.