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A piggyback mortgage is exactly what it sounds like – one mortgage on top of another. This set of two mortgages was commonly used prior to the mortgage crisis to avoid paying private mortgage insurance (PMI), when homebuyers didn’t have a large enough down payment. Now, this loan combo is much harder to come by.
Since both a home equity line of credit and a second mortgage are both attached to your home, many people don’t know the difference between the two. While both are essentially additional mortgages on your home, the difference between them is how the loans are paid out and handled by the bank.
Silent Second Mortgage: A secondary mortgage placed on an asset that is not disclosed to the lender of the original loan. Silent second mortgages are used when a purchaser can’t afford the down.
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27. Second mortgages serve the following purposes: (a) they give borrowers a way to use the equity they have in their homes as security for another loan. (b) they allow borrowers to get a tax deduction on loans secured by their primary residence or vacation home. (c) they allow borrowers to convert their conventional mortgages into GEMs.
2) Which of the following are true of mortgages? A) A mortgage is a long-term loan secured by real estate. B) A borrower pays off a mortgage in a combination of principal and interest payments that result in full payment of the debt by maturity.
Which of the following is true of a second mortgage? d) It is usually issued at a higher rate of interest. d) It is usually issued at a higher rate of interest. Correct 33. Usury MOST nearly means d) illegal interest. d) illegal interest. Correct 34. A borrower bought a $174,000 house with no down payment. The loan was probably b) a VA loan.
“True to our ongoing innovation and. FAR has led the charge on the proprietary reverse mortgage front, issuing an array of HomeSafe variations with features like a line of credit or a second-lien.
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