Home Buying Resources

Glossary of Terms

We have compiled a list of the most common real estate terms and definitions to assist you in your search for a home. Whether you are a buyer or seller of real estate, it is easy to get confused by the language used in real estate transactions. With our comprehensive real estate glossary, you can easily navigate through the complicated world of buying and selling a home.

 

Click in the letter below to see the glossary

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S


second mortgage
A second financing arrangement, in addition to the first mortgage, also secured by the property. Second mortgages are usually issued at a higher interest rate and for a shorter term than the first mortgage.
secured loan
A loan secured by specific collateral. A creditor may foreclose and seize the specific property that is collateral to satisfy an unpaid secure loan.
starter home
A small home, inexpensive, suitable to first-time homebuyers.
state board of equalization
A board which certifies the equalized value of real and personal property in each county and assesses railroad and public service corporation property in the state and sends that certification to the state auditor for transmission to the county assessors.