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191. Settlement

See closing.

192. Settlement sheet

See HUD-1 statement

193. Step-rate mortgage

A mortgage that allows for the interest rate to increase according to a specified schedule (i.e., seven years), resulting in increased payments as well. At the end of the specified period, the rate and payments will remain constant for the remainder of the loan.

194. Subdivision

A housing development that is created by dividing a tract of land into individual lots for sale or lease.

195. Subordinate financing

Any mortgage or other lien that has a priority that is lower than that of the first mortgage.

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