Definition
Seller Concession
A negotiated contribution from the seller toward the buyer’s closing costs, subject to programme limits.
Nearby terms
Seasoning
The length of time funds have been in an account or a loan has been held, used to satisfy sourcing and eligibility requirements.
Second Lien
A mortgage subordinate to the first, paid after it in a foreclosure and therefore priced higher.
Servicer
The company collecting your payments and managing escrow, which may or may not own the loan.
Settlement Agent
The neutral party conducting the closing, disbursing funds and recording documents.
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