S

Sale Price
The price at which the house actually sold. By noting the difference between the sale price and the listing price in houses that have recently sold, comparable to the one you're interested in, you can get an idea of how much below the asking price you might be able to offer.

Satisfaction of Mortgage
The document issued by the mortgagee when the mortgage loan is paid in full. Also called a "release of mortgage."

Second Mortgage
A mortgage made subsequent to another mortgage and subordinate to the first one.

Secondary Mortgage Market
The market in which primary mortgage lenders sell the mortgages they make to obtain more funds to originate more new loans. It provides liquidity for the lenders.

Security interest
an interest that a lender takes in the borrower's property to assure repayment of a debt.

Servicing
All the steps and operations a lender performs to keep a loan in good standing, such as collection of payments, payment of taxes, insurance, property inspections and the like.

Settlement/Settlement Costs
See closing/closing costs.

Shared Appreciation Mortgage (SAM)
A mortgage in which a borrower receives a below-market interest rate in return for which the lender (or another investor such as a family member or other partner) receives a portion of the future appreciation in the value of the property.

It may also apply to mortgage where the borrowers shares the monthly principal and interest payments with another party in exchange for part of the appreciation.

Simple Interest
Interest which is computed only on the principal balance.

Soft Market
A market where not much is selling, the sales price is likely to be significantly lower than the asking (listing) price. So, the price is 'soft' -- you can push it down, like a squishy sponge.

Steering
The effort to maneuver home buyers into, or away from, a particular area of town because they won't "fit in." Telling a white couple, "You don't want to live in Mount Pleasant because that's where all the Latinos are" is an example. Or not telling a black family that a house that would otherwise be perfect for them is available in an all-white neighborhood. Both of these are illegal.

Survey
A measurement of land, prepared by a registered land surveyor, showing the location of the land with reference to know points, its dimensions, and the location and dimensions of any buildings.

Sweat Equity
Equity created by a purchaser performing work on a property being purchased. The idea is that you're improving the property through all the sweaty work you're putting into it.

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