Dictionary

Secondary Mortgage Market

Definition:   a source for the purchase and sale of existing mortgages Pronunciation: Used in a Sentence:   Freddie Mac and Fannie Mae are both active in the secondary mortgage market.

Second Mortgage

Definition:   a loan that is junior or subordinate to a first mortgage , normally taken out when the borrower needs more money Pronunciation: Used in a Sentence:   We took out...

Secondary Lender

Definition:   an agency or financial institution that buys mortgage loans previously made by primary lenders Pronunciation:   \ˈse-kən-ˌder-ē\ Used in a Sentence:   Freddie Mac is a secondary lender that is parimarily...

Satisfaction Of Mortgage

Definition:  a certificate issued by the mortgagee when a mortgage is paid in full Pronunciation:   \ˌsa-təs-ˈfak-shən\ \ˈmȯr-gij\ Used in a Sentence:    When we had paid off our mortgage debt we...

Sales Comparison Approach

Definition:   a method for estimating the market value of a property by comparing similar properties to the subject property Pronunciation: Used in a Sentence:    The appraiser used the sales...

Sales Associate

Definition:   a licensed individual who, for compensation, is employed by a broker or owner-developer Pronunciation:   \ə-ˈsō-shē-ˌāt\ Used in a Sentence:    Once I passed my state exam I was issued...