A second mortgage is a separate loan that stands alone from a primary mortgage on the property. The second mortgage is also secured by the property but is subordinate to the first mortgage.
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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%).
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A second loan, or mortgage, against your house will either be a home equity loan, which is a lump-sum loan with a fixed term and rate, or a HELOC, which features variable rates and continuing access to funds. Is a second home mortgage right for you?
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A second mortgage loan at a much higher interest rate means that you could be paying more for the mortgage than you’d pay for PMI. A short 2nd mortgage term. If you opt for a home equity loan, you can sign on for a shorter term. You can then pay off this second mortgage more quickly than the first, and this arrangement could be beneficial.
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· A second lien product may have 103% in year 1, 102% in year 2, etc., or a no-call and make-whole protection in the early years, and soft-call protection in later years. Increasingly in second lien Term Loan B investors require that such call protection applies to mandatory prepayments and payments of the Term Loan B after acceleration.