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Call Us Today! 800-965-9910
September 06, 2010
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| Second mortgage |
| The second-priority claim against a property in the event that the borrower defaults on the loan. The lender who holds the second mortgage gets paid only after the lender holding the first mortgage is paid. |
| Servicing |
| Administering loans between the time of disbursement and the time the loan is fully paid off. This includes collecting monthly payments from the borrower, maintaining records of loan progress, assuring payments of taxes and insurance, and pursuing delinquent accounts. |
| Special Assessments |
| A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc. |
| Subordinate financing |
| A second lien on the property securing the loan at the time of closing. This arises when there is a second lien on the property at the time the new loan is taken out, and the new loan does not pay it off. |
| Survey |
| A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description. |
| Swing loan |
| See Bridge loan. |
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| 11255 Olive Blvd. • St. Louis, MO 63141 • Phone: 314-995-9919 • Toll Free: 800.965.9910 • Fax: 314-995-7133 • Email: info@cornerstonestl.com |
| St. Charles Office • 3449 Pheasant Meadow Dr. Suite 101 • O'Fallon, MO 63368 • Phone: 636.978.8180 • Toll Free: 800.978.9959 • Fax: 636.978.9747 |
| St. Louis South Office • 12300 Old Tesson Rd, Suite 400-E • St. Louis, Mo 63128 • Phone: 314.842.9919 • Toll Free: 877.842.9918 • Fax: 314.842.9897 |
| St. Louis South City • 4643 Gravois Road, St. Louis, MO 63116 • Phone: 314-353-3000 • Fax: 314-352-7292 |
| D/B/A Cornerstone Home Loans, Inc. - in the states of Illinois, California |
| Illinois Residential Mortgage Licensee MB5807 • Illinois Department of Financial and Professional Regulation • 310 South Michigan Ave., Suite 2130 • Chicago, IL 60604 • 312-793-3000 |
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