Sale price -- The price at which the house actually sold. The difference between a home's sale price and the listing price is useful for buyers in making offers on comparable homes.

Satisfaction of mortgage, release of mortgage -- The document issued by the mortgagee when the mortgage loan is paid in full.

Second mortgage -- A mortgage made subsequent to the primary mortgage.

Secondary mortgage market -- The market in which primary mortgage lenders sell their loans to obtain more funds to originate more new loans.

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

Servicing -- The operations a lender performs to keep a loan in good standing, such as collection of payments and payment of taxes, insurance, property inspections, etc.

Shared appreciation mortgage (SAM) -- A mortgage in which a borrower receives a below-market interest rate and, in return, the lender (or other investor) receives a portion of the future appreciation in the value of the property.

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

Soft market -- A market where houses aren't selling much or quickly, so the sales price is likely to be significantly lower than the asking (listing) price. It's a good time for buyers to buy, but not the best time for prospective sellers to sell.

Survey -- A detailed measurement of a property, including the location of the land in reference to known points, its dimensions, and the location and dimensions of any structures on the land. Prepared by a registered land surveyor.

Sweat equity -- Equity created by a purchaser performing work on a property being mortgaged.

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