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GLOSSARY
Standard mileage rate
Standard mileage rate is an IRS-specified amount that can be used to calculate tax-deductible vehicle expenses. The mileage rate is used in lieu of tracking actual gas and car maintenance expenses.
Standard Payment Calculation
The calculation which determines the amount needed to repay the loan in monthly installments.
Standby loan commitment
Standby loan commitment is an offer of credit made by a lender that expires on a specified date. The standby loan commitment is expressed in a written document that states the terms of the proposed debt, as well as the expiration date of the offer.
Start rate
Start rate is a term used for an adjustable-rate mortgage's opening interest rate.
Starter home
A home that is relatively small and inexpensive and bought as a first home; often a fixer-upper.
State tax ID or registration number
State tax ID or registration number is a series of digits that functions as an identifier for a business, in the same way that a Social Security number would function for an individual. Businesses are usually required to obtain state tax ID numbers.
Stated income/stated asset mortgage - SISA
Stated income/stated asset mortgage, or SISA, is a type of mortgage loan that doesn't require verification of the borrower's income and assets during the qualification process. SISA mortgages are appropriate for self-employed individuals, for example, who have sufficient income to make the mortgage payment, but can't document that income. This type of loan falls within the Alt-A mortgage category, and is therefore priced higher than a prime mortgage would be.
Statement
A statement is a written record of transactions on an account, such as a checking account or credit card account, that occur within a specified period of time.
Statement savings
Statement savings is a traditional, liquid savings account on deposit with a bank or credit union. Statement savings accounts have low fees, but also pay very low interest rates.
Statutory employee
A statutory employee is any taxpayer who reports wage and earnings income on a Schedule C, but is deemed an employee by statute. Social Security and Medicare taxes for statutory employees are the responsibility of the employer. Hhme workers, for example, who fulfill their duties on employer-furnished equipment (such as a computer), may be deemed statutory employees. The statutory employee rule prevents employers from avoiding the responsibility of paying certain employee taxes.
Steering
An illegal process in which a prospective buyer is shown properties only in specific neighborhoods where the residents share the buyer's ethnicity.
Step-rate mortgage
A mortgage with smaller payments at the beginning and then gradually increasing the payment amount after the first two years.
Sticker price
Sticker price is the asking price on an automobile for sale at the dealer. The sticker price includes the manufacturer's suggested retail price, plus the cost of options and various dealer charges. By federal law, car dealerships are required to display the sticker price on the vehicle's window.
Sticky downward
Sticky downward describes a trend of falling real estate values, where the home prices decline more slowly than they rise during a hot real estate market. The term can be applied to other up and down trends, as well. Wages, for example, can rise quickly, but an employer would have a difficult time trying to lower them.
Stock power
Stock power is a power of attorney that allows one to transfer ownership of a security to another individual or entity. When a bank takes stock as loan collateral, the bank may require the borrower to provide the bank with stock power.