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Term Definition
Second MortgageA loan issued on property that is already encumbered by an existing mortgage (ie: the first mortgage). The second mortgage is subordinate to the first.
 
Secondary Mortgage MarketThe market wherein home loans are sold by the lender after closing to Fannie Mae, Freddie Mac or a variety of other institutional investors.
 
SurveyA map prepared by an engineer or surveyor charting a particular piece of real estate.
 


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