what is a silent second mortgage
What is Silent Second Mortgage? definition and meaning – A scheme where a buyer of real estate takes a second mortgage on the property without the knowledge of the first mortgage lender. The second mortgage is then used as a down payment to the first mortgage which increases the first mortgagor’s risk.
What is a silent second mortgage loan? – Mortgagefit – A silent second mortgage is a second lien mortgage which is obtained without informing the first lien holder. This means that the first mortgage holder on your property is unaware of the fact that there’s a second mortgage on the property. Buyers take this type of silent loans to provide for the downpayment on the first mortgage.
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Silent What Is Mortgage Second A – Fhaloanlimitsnorthcarolina – – Mortgagefit – A silent second mortgage is a second lien mortgage which is obtained without informing the first lien holder. This means that the first mortgage holder on your property is unaware of the fact that there’s a second mortgage on the property. Amid Housing Boom, Hometap Raises $12M to Buy a Piece of Your Home – Hometap
Mortgage Assistance Program | City of Tampa – The City of Tampa offers down payment assistance loans to income eligible home buyers of property within the City limits of Tampa. The loan is in second position behind primary financing from a mortgage lender and is typically known as a “silent second” because of the 0% rate and $0 monthly payment.
City Of Tampa Mortgage Assistance Program – City Of Tampa Mortgage Assistance Program: The City of Tampa offers down payment assistance loans to income eligible buyers of property within the City limits of Tampa.
Is a Second Mortgage a Good Idea? | Total Mortgage Blog – To many home buyers the idea of taking out two mortgages on the same house sounds frightening. However, a second mortgage-also known.
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What Is a Silent Second Mortgage? Pros, Cons, and Risks. – What is a silent second mortgage? Let’s say you have your eye on a home and need a mortgage, but you don’t have enough money for the down payment required by a lender (typically 20%).