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Mortgage Glossary

Second Mortgage

A mortgage for a property that already has one mortgage. The first mortgage has priority for all rights and claim settlements. A second mortgage is sometimes used to get cash, and can also be used to reduce the size of the down payment required by the first mortgage. Also known as a Piggyback Mortgage.

Secondary Mortgage Market

The open, national market where residential mortgages are bundled, bought and sold to private organizations and investors such as Fannie Mae and Freddie Mac. The secondary market enables primary lenders, such as PHH Mortgage, to sell their loans and get funds to make new mortgage loans available to the American public.

Settlement

See Closing.

Settlement Statement

See Closing Statement.

Single Family Attached Home

A home in which you own the dwelling and lot, but share ownership of common walls with neighboring homes.

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