Mortgage Glossary – S

Second Mortgage – A mortgage that takes second priority after the First Mortgage.

Self-Employed Mortgage – A mortgage that is given to a person who is employed for self. Self Employed individuals can qualify for as little as 5% down with little or no documentation required. Contact Urban Mortgage for more details.

Simple Interest – Interest calculated on principal balance, without compounding.

Square Footage – The measurement within a structure that is calculated by measuring each room by length and width.

Sub-prime Mortgage – A mortgage provided to borrowers with less than perfect credit.

Sweat Equity – Value of the work put into a house by its owner. Examples are; Renovations and repairs. This can be used in place of a down payment or as part of a down payment