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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, who buy large numbers of mortgages from the primary lenders and resell 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.
settlement costs
See: closing costs
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.
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