Montrose, CO Office

Moab, UT Office

Settlement Cost (HUD guide) - Booklet that provides an overview of the lending process, given to consumers after completing their loan application.

Settlement Sheet - The computation of costs payable at closing which determines the seller's net proceeds and the buyer's net payment.

Severalty - Property owned by an individual, not shared with any other.

Shared Appreciation Mortgage (SAM) - Loan in which the borrower is given a below-market interest rate and the lender receives a portion of the future appreciation of the property value.

Simple Interest - Interest computed only on the principal balance.

Subsidized Second Mortgage - Alternative financing option for low- and moderate-income households that also includes a down payment and a first mortgage, with funds for the second mortgage provided by city, county, or state housing agencies, foundations, or nonprofit corporations. Payment on the second mortgage is often deferred and carries a low interest rate (if any). Part of the debt may be forgiven for each year the family remains in the home.

Survey - A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts.

Sweat Equity - Value added to a property by improvements made by the owner.  The hands-on involvement of the borrowers in the building or improvement of the home.