START RATE >> The initial interest rate charged on an adjustable-rate mortgage loan.

STATEMENT OF INFORMATION >> A confidential form filled out by buyer or seller to help a title company determine if any liens are recorded against either. Very helpful when people with common names are involved.

SUBMISSION >> This refers to a complete loan application package submitted for loan approval.

SUBORDINATE >> A lien taking a legal title position junior to another lien that recorded later. For example, if a mortgage lien recorded in 1996, it can subordinate to a lien recorded in 1999. Subordination may apply not only to mortgages, but also to leases, real estate rights and any other type of debt instruments.

SUBORDINATION AGREEMENT >> An agreement by which a lienholder agrees to accept a lien position junior to that of a later-recorded lien. For example, when a lienholder agrees to subordinate, a formal agreement must be drawn, signed and recorded to make it a legal transaction. Subordinations may apply not only to mortgages, but also to leases, real estate rights and any other types of debt interests.

SUBSTITUTION OF TRUSTEE >> A document that is recorded to change the trustee named in a deed of trust.

SUBURBAN >> The area around a city. Usually residential with some small businesses.