The transfer of rights to pay a debt from one party to another, with the original party remaining liable for the debt if the second party defaults. …
Subordinate Loan
A second or third mortgage. …
Subsequent Rate Adjustments
The interest rate for adjustable rate loans (ARMs) adjusts at regular intervals. This adjustment period could in some cases differ from the initial interest rate duration period. …
Subsequent Rate Cap
A specific limit defined by most adjustable rate loans (ARMs) for the maximum amount the interest rate may increase at each regularly scheduled interest rate adjustment date. This limit may differ …
Sump Pump
A pump that moves water from a basement sump pit. …
Surround
The material surrounding a bathtub or shower. …