To help you locate a term, enter the first character or two of a term and press the 'Refresh' button. Or, just click on the handy alphabetical index to jump to that section of the glossary.
| sale-leaseback |
| A technique in which a seller deeds property to a buyer and the buyer simultaneously leases the property back to the seller. |
| Save as Default
(icon) (htm) |
| Click to save the current study, or loan application, as the default
for future studies.
|
| Save Button (htm) |
| Click
to save modifications.
|
| Save Default Button (htm) |
| Click
to save the information on the three Worksheet tabs as the default values for
future loans.
|
| Save Savings (htm) |
| Click
to save the current study file or savings record.
|
| Save Study (icon) (htm) |
| Click
to save the current study, or loan application.
|
| Savings Calculate
Button (htm) |
| Click to analyze all transaction data, apply the calendar math,
calculate the Regulation DD disclosures, prepare schedules, and produce the
results.
|
| Second home |
| Commonly known as a vacation home. This home is not rented and is occupied by the owners occasionally.
|
| second mortgage |
| A mortgage that has a lien position subordinate to the first mortgage. |
| Secondary Financing |
| A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or trust deed.
|
| Secondary Market |
| The buying and selling of mortgage notes between sophisticated investors such as pension funds, commercial banks, savings and loans, and wall street firms.
|
| secured loan |
| A loan that is backed by the pledge of real or personal property. |
| security |
| Property which will be pledged as collateral for a secured loan. |
| Select (htm) |
| Click to
select the highlighted sample file.
|
| Selling Costs Factor |
| The factor you expect to pay for selling the home. ie. 7.5% would be entered as 7.5 |
| Settlement Cost Guide(HUD) |
| This booklet gives an overview of the lending process and is required by HUD. It is provided to consumers after the loan application is completed |
| settlement sheet (or statement) |
| See HUD-1 statement. |
| Shared Appreciation |
| The amount of shared appreciation if there is an agreement in place to share the appreciation with the lender. This should be entered as a percentage decimal (i.e. 0.25 for 25%). |
| Show Gridlines (htm) |
| Select
to display gridlines in the amortization schedule.
|
| Show Terms Assumption
(htm) |
| Select to ?. Deselect to ?.
|
| single payment loan |
| Any loan which will be paid in a single payment of principal and interest at maturity. |
| Single Payment Loan (htm) |
| Select
when the principal and interest are due in one payment at maturity. The default
interest type is simple, but you can elect to use discount interest by
selecting it from Interest type on the Options and Variations screen.
|
| Single Payment Loan
Screen (htm) |
| Enter the terms for the single payment loan (a loan with only one
payment). You must enter the interest rate, loan amount, prepaids, and advance
date. You can choose to enter the maturity date or the number of days to
maturity.
If necessary, select when the end of month payment is due.
Click the Options and Variations button on the toolbar to
enter any variations.
|
| Skip Payments No (htm) |
| Select
if all payments will be made consecutively from the date of first payment until
maturity.
|
| Skip Payments Yes (htm) |
| Select
if the borrower wants to skip consecutive payments each year (for example, July
and August).
|
| skipped payment loan |
| A loan which provides for a period each year when payments will be suspended. Forexample a teacher might like to skip the July and August payments each year. You will be asked to specify the first month skipped and the number of consecutive periods which will be skipped. |
| Solve (htm) |
| Click to
calculate the missing field value.
|
| special assessments |
| A special tax imposed on property, individual lots or all property in the immediate area, forroad construction, sidewalks, sewers, street lights, etc. |
| Standard Annuity |
| Standard Annuity Reverse Mortgage |
| Start Date |
| The start date of the account. |
| Start Date (htm) |
| The
start date of the account.
|
| Start page (htm) |
| Enter
the starting page number for the range of pages you want to print.
|
| Submit Button (htm) |
| Click
to display the Options and Variations screen, if the checkbox is selected, or
to display the appropriate loan screen, if the Options and Variations checkbox
isn't selected.
|
| Subsequent periods |
| alskdfs |
| Subsequently paid
finance charges (htm) |
| Enter the dollar amount of any finance charges which will
be due after the closing of the construction loan, such as re-appraisal fees,
inspection fees, and so on.
|
| sweat equity |
| Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash. |
| System Defaults
(icon) (htm) |
| Click to display the System Defaults dialog box.
|
| System Switches
Screen (htm) |
| Set the values for your copy of ZMath by entering the desired values
in the fields. When finished, click Save.
|
| tax rate-effective |
| The amount of tax you paid on the amount you made (the tax divided by taxable income). This is the average rate you paid, as if you were paying the same rate on every dollar you make, not taking into account tax brackets. |
| tax rate-marginal |
| The rate at which the last dollars you earn in any one year are taxed. If your earnings have put you in the 36% tax bracket. Every extra dollar you earn will be taxed at 36% until you reach the next bracket, even though your effective tax rate might be, for example, 25%. |
| Technical Support
Screen (htm) |
| Request help, submit a wish list, or file a bug report by selecting
the appropriate radio button and entering the description on the Request tab.
Enter your information, including your name, email address,
and telephone number, on the Properties tab.
View any errors when sending the report by selecting the
Error Log tab.
|
| Term |
| The term (total number of payments) in the mortgage. If this is zero or a line of
credit only calculation, the engine will calculate the term based on the borrowers’ ages. |
| term |
| The total number of periods required to reduce the borrower's debt to zero or to the negotiated balloon. The term is calculated by multiplying the number of periods in a year by the number of years. (Ex. a five year loan calling for monthly payments would have a term of 60 periods). |
| Term (CON) (htm) |
| Enter
the term (total number of payments) for the construction period.
|
| Term (htm) |
| Enter the
total number of payments necessary to reduce the borrower's debt to zero or to
the negotiated balloon amount. The term is calculated by multiplying the number
of periods in a year by the number of years. For example, a five year loan with
monthly payments (12 periods per year) would have a term of 60. A 30 year loan
calling for semi-annual payments (2 periods per year) would also have a term of
60. Be sure to enter periods here, not years.
|
| Term (QS) (htm) |
| Leave
this field empty to solve for the Term of the loan, when you have entered
something for the Loan Amount and Payment Amount.
|
| Term (Total # Int.
Periods) (htm) |
| Enter the total number of |
| Term of Loan (in years) |
| Over how many years would you like to pay off the loan secured by the house in this comparison.
Typical terms are 15 or 30 years. |
| third-party origination |
| A process by which a lender uses another party to completely or partially originate, process,underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market. |
| Through Year # (htm) |
| Enter
the year(s) for which the corresponding insurance rate applies.
|
| title |
| A legal document establishing a person's right to or ownership of real property. |
