Savings rate
The rate of return you receive on your investments, stated as a yearly percentage rate. Also called the rate of return.

Secondary market
The market in which lenders and investors buy and sell existing mortgages or mortgage-backed securities, which in turn provides greater availability of funds to lenders for additional mortgage lending.

Second mortgage
The traditional term for a home loan that's a subordinate lien and not a first mortgage, such as a home equity loan or line of credit.

Secured loans
Loans for which you've given the lender a lien on property such as an auto, boat or other personal property or real estate that will serve as collateral for the loan.

Security interest
The legal right an owner gives to a lender to use the owner's property as collateral for repayment of a debt to either the owner or another borrower.

Settlement
The completion of a property's sale or purchase, or the completion of all steps necessary to receive the proceeds of and create an obligation to repay a loan. Also called a closing.

Settlement costs
Fees paid at, or prior to, the closing of your loan. They may include attorneys' fees, as well as fees for preparing and filing a mortgage, and for taxes, title search, and insurance. They're all the expenses incurred in obtaining the loan and in transferring the ownership of property from the seller to the buyer. Generally, settlement costs range from 2% to 5% of the mortgage amount. Also called closing costs.

Single-family residence (SFR)
A detached individual housing unit. The property shares no common ground with neighboring properties and shares no wall or roof, but can be part of a planned unit development (PUD).