Terms starting with the letter S

SAM - See Shared Appreciation Mortgage

Second Home
A property designated as a second residence or vacation home and is livable year round.  The property owner generally resides at different property referred to as "Primary Home."

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

Secondary Mortgage Market
The buying and selling of existing mortgages.

Security
Real estate property pledged as collateral to secure the payment of a debt, most commonly used in mortgage loan transactions.

Seizin
Possession of real estate by one entitled to it.

Servicer
The entity responsible for administering your loan, usually the lender.  This includes sending payment coupons / invoices, collecting payments, escrow administration, collections and foreclosures.

Settlement - See closing

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.  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. 

Single Family
A term generally to distinguish a house designed for use by one family.

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

Special Finance
A lending phrase used to express that a customer can not use conventional lending banks.

Special Warranty Deed
A deed in which the grantor warrants or guarantees the title only against defects arising during the grantors ownership of the property and not against defects existing before the time of their ownership.

Stated Income 
It is a limited documentation approach to underwriting a mortgage loan, as against "Standard Doc" & "No Doc". It belongs to the best pricing level of the Easy Doc loans like "Stated Income", "No Income Verification", "No Income / No Asset (NINA)", "No Ratio", etc, with usually 0.25 point markup only. "Stated Income" is mostly for self-employed borrowers and in very rare case applicable to salaried borrowers.

State Lease
An agreement between the State of Colorado and other parties for the use of lands under the jurisdiction of the State Board of Land Commissioners for grazing, agriculture and other lawful purposes.

Student Loans
A government affirmed loan obtained to finance the cost of tuition for approved colleges and universities (interest is now tax deductible).  Must not show delinquent on borrower credit report.  For most loans, child support debt cannot be included in consolidation and must be paid in full with a  letter from Social Services stating it as paid in full.

Subordination Clause
A clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance or right of another person.

Survey
Precise land measurement of parcel legal boundaries, documented by a registered surveyor, mapping location and dimensions with reference to landmarks, easements, rights of way, encroachments, water and mineral rights, and other physical features, including location and dimensions of any improvements.