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Mortgage Glossary

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Sales Agreement A contract signed by buyer and seller stating the terms and conditions under which the property will be sold
Satisfaction The payment of a debt which satisfies an obligation
Second Mortgage A subordinate mortgage made in addition to the first
Secondary Mortgage Market Where existing mortgages are bought and sold.
Security The property that will be pledged as collateral for a loan.
Seller Carry-back An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. See Owner Financing.
Seller’s Market Market conditions that favor sellers. With more buyers than sellers in a market, sellers have greater negotiating power as demand exceeds supply
Servicer An organization that collects principle 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.
Settlement Closing- A meeting between buyer, seller and lender (and their agents) where property and funds legally change hands.
Simple Interest Interest that is computed only on the principal balance


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