This loan is referred to as a "silent second mortgage." But before Danny and Sandy get too excited, there are a couple things they should know about these types of loans. First, they’re called "silent second mortgages" because, historically, these extra loans were taken out without the knowledge of the first lender. This is a big no-no.
A silent second mortgage is a second mortgage placed on an asset for down payment funds that are not disclosed to the original mortgage lender. Enter the silent second mortgage, a loan provided to a home buyer in order to cover the down payment, says Joseph Tsentner, a mortgage loan officer with Freedom Mortgage in New York.
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In most cases, silent second mortgages are used when the buyer is having difficulty coming up with the down payment required by the mortgage lender. A piggyback second mortgage is a home equity loan or home equity line of credit (HELOC) that is made at the same time as your main mortgage.
A silent second mortgage is a type of mortgage that is taken out on a property that already has a mortgage with the holder not. This silent second mortgage is considered ‘silent’ because you will have to intentionally keep it a secret from your first lender in order to use it.
You can also use an FHA 203(k) mortgage to borrow additional funds to rehabilitate the home if it needs more than $5,000 in repairs. The discount is given in the form of a silent second mortgage.
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A silent second mortgage is used to pay for the down payment on the primary mortgage by borrowing against the same property, but this is not willfully disclosed to the primary mortgage company. It usually eats up most of the remaining equity in the property, leaving both the lender and the borrower at significant risk.
Enter the silent second mortgage, a loan provided to a home buyer in order to cover the down payment, says Joseph Tsentner, a mortgage loan officer with Freedom Mortgage in New York. As in the case of a traditional mortgage, the property to be purchased is the collateral.
The silent second mortgage is a loan taken by the borrower to provide a down payment of 20%. The silent second mortgage loan is not always a fraud. require full repayment after a house is sold; or Mortgage rates hit their lowest since 1955.