Silent 2Nd Mortgage

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Co-signers are not silent partners on loan documents. It doesn’t matter how much you earn: If you can’t show enough assets, you can’t get a mortgage. Build up this cushion first before diving into.

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.

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Silent Second Mortgage Private Home Equity Loans These are considered private money second mortgages typically offered by the seller during a home loan transaction. 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.

BREAKING DOWN ‘Silent Second Mortgage’. Silent second mortgages are used when a buyer can’t afford the down payment required by the first mortgage. They allow a borrower to purchase a home that they otherwise would not have been able to afford. Silent second mortgages from undisclosable sources are illegal.

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