Seasoning
A lender or program requirement concerning how long a borrower has owned a property, held a loan, or met another timing condition.
HELOC EXPERT GLOSSARY
Glossary: S
Browse terms beginning with S and move through the full A–Z home-equity and mortgage glossary.
S
Terms Starting with S
Each letter has its own permanent glossary page for easier browsing and linking.
Second Home
A residence occupied by the borrower for part of the year that is not the primary residence and is not treated as an investment property under applicable rules.
Second Mortgage
A mortgage or home-equity loan secured by property and subordinate to an existing first lien.
Servicer
The company that collects mortgage payments and performs servicing functions for a loan.
Servicing Transfer
The transfer of responsibility for collecting payments and administering a loan from one servicer to another.
Single-Family Residence (SFR)
A residential property designed primarily for one household.
Soft Credit Inquiry
A credit-file access that generally does not affect credit scores in the same way as a hard inquiry.
Subordinate Financing
A loan secured by property that has lower lien priority than another loan.
Subordination
An agreement or legal arrangement establishing that one lien will remain behind another lien in priority.