Loan Glossary
Plain-English definitions for every term you'll encounter in the loan process
Showing 2 terms
in Mortgage starting with S
S
Second Mortgage
MortgageA loan secured by a property that already has a primary mortgage. In foreclosure, the first mortgage lender is paid first; the second mortgage is subordinate. Home equity loans are a common type.
Short Sale
MortgageSelling a property for less than the outstanding mortgage balance, with the lender's approval. A short sale avoids foreclosure but may result in a deficiency judgment and negatively impact credit.