Tools & Resources

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.

Swing Loan

See Bridge Loan.

Term of Loan

The amount of time you have to repay the mortgage loan, usually expressed as a number of months. For example, the term for a 30-year fixed-rate mortgage is 360 months (30 years X 12 months).