A "silent second" is a second mortgage – a loan you take out in addition to your first mortgage. The "silent" part means that you don’t have to make monthly payments on it and in many cases, it doesn’t even accrue interest for up to five years.
In some cases, the term "silent second mortgage" is used to describe a fraudulent practice you should avoid at all costs, one that might seem on the up-and-up.
There's a type of mortgage out there so hush-hush that most people haven't even heard of it: the silent second mortgage. So what is it, anyway,
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The silent second mortgage is a loan taken by the borrower to provide a down payment of 20%. The primary lender funding 80% of the house value rests assured that in case of depreciation there will be equity of 20%, Silent second mortgages are mortgages that are taken out on properties that already carry mortgages.
Qualify For A Mortgage Loan Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. For FHA loans, down payment of 3.5 percent is required for maximum financing. borrowers with credit scores as low as 500 can qualify for an FHA loan.Definition Of Prepayment Penalty A prepayment penalty is a fee that lenders charge to borrowers who pay off loans "early." Loans like auto loans and home loans are typically scheduled to last for a certain number of years (known as the term), with the loan balance reaching zero at the end of the term.
It is a second mortgage your primary lender is not aware of. The silent second mortgage is a loan taken by the borrower to provide a down payment of 20%. The primary lender funding 80% of the house value rests assured that in case of depreciation there will be equity of 20%,
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A silent second is a type of second mortgage loan that is part of a home sale transaction without the knowledge of the first lender. The "silent" part refers to the seller and buyer not "speaking" to the first financer about a second mortgage loan.
In this second and final part of that series. mack declared that the collapse of the subprime mortgage market in the.
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