Glossary - CLS Financial
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Glossary

Get definitions on the mortgage terms that may come up throughout your loan process, as well as any specific mortgage terms that may be unfamiliar to you. CLS FInancial wants to ensure that you have a complete understanding of the transaction.

Our mortgage glossary will help you to speak to mortgage professionals with confidence.

Glossary

All | # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 4 names in this directory beginning with the letter S.
Second Mortgage
A loan that is junior to a primary or first mortgage and often has a higher interest rate and a shorter term.

Secondary Market
A market comprising investors like GNMA, FHLMC and FNMA, which buy large numbers of mortgages from the primary lenders and sell them to other investors.

Servicing
The responsibility of collecting monthly mortgage payments and properly crediting them to the principal, taxes and insurance, as well as keeping the borrower informed of any changes in the status of the loan.

Survey
A physical measurement of property done by a registered professional showing the dimensions and location of any buildings as well as easements, rights of way, roads, etc.