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seasonal income Any income that you receive on a cyclical basis. second mortgage A loan that is in second position behind the first mortgage. Sometimes used as additional down payment or to pull equity from the home. secondary market Companies that buy groups of loans from lenders and then sell them to other lenders and investors. |
seller carry back
An agreement in which the owner of a property provides financing, often in combination with an assumed mortgage.
settlement statement
A document that gives a breakdown of the costs that the buyer and seller are responsible for on the closing date.
sole and separate
A type of ownership in a property regardless of marital status. Community property states require additional Disclaimers for married persons holding title in this manner.
