Tools & Resources

Single Family Detached Home

A freestanding home in which you own the entire structure and lot, and you are not charged homeowner's association dues. If you pay such dues, your property is considered a detached home in a planned unit development.

Subject Property

The property to be appraised by an appraiser, and the property that is the subject of the mortgage loan. In other words, the home you want to buy.

Sub-Prime Lender

A company that offers mortgage loans to people with credit problems — a low credit rating, for example. Sub-prime loans are generally offered at higher rates than those from a primary lender, and usually come with more points and a lower Loan-to-Value ratio as well. Many sub-prime loans feature low, initial rates that can rise dramatically when the fixed rate period is over.

Survey

The detailed measurement of your property's land and structures. Prepared by a licensed surveyor, and usually paid for as part of the settlement, the survey shows the property's location, dimensions and boundaries.

Sweat Equity

Equity you create by building or improving a property on your own as part of the down payment.