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Savings Bond
Bonds issued by the U.S. Treasury, typically in amounts ranging from $50 to $10,000. Savings bonds are noncallable–which means the government cannot retire them before the maturity date–and are also nontransferable–which means that bondholders cannot transfer them to someone else. Because savings bonds are backed by the full faith and credit of the federal government, many investors consider them to have relatively low investment risk.

Second Mortgage
A second loan secured by real property that is subject to an existing first mortgage loan.

Series E Savings Bonds
Bonds that were issued by the U.S. government between 1941 and 1979 that were purchased for 75% of the bond's stated denomination. These bonds were the precursor to Series EE and Series HH bonds. Outstanding Series E bonds may be exchanged for its successor varieties. Interest is exempt from state and local taxes, though subject to estate, inheritance, gift tax, and federal income tax

Series EE Savings Bonds
Bonds issued by the U.S. government at a 50% discount from par. Also known as Energy Savings Bonds, nonmarketable Series EE bonds come in denominations of $25, $50, $75, $100, $200, $500, $1,000, $5,000 and $10,000. Series EE Bonds replaced Series E Bonds and are subject to the same taxes. Series EE Bonds may be exchanged tax free for Series HH Bonds at maturity.

Series HH Savings Bonds
Nonmarketable U.S. government savings bonds issued at par and purchased only by trading in Series EE bonds at maturity. Designed for investors who seek regular income, interest on Series HH bonds is paid semiannually and is exempt from state and local taxes.

Settlement Date
In a mortgage transaction, an buyer must pay for the purchase of the property on a date agreed upon by the buyer and the seller.