Silent Second


Definition of "Silent Second"

Tim Clark real estate agent
Tim Clark Baird & Warner Far Northwest Suburban

A second mortgage offered at preferential (subsidized) terms to those who qualify. For example, a labor union may offer members who are first-time home buyers a silent second to finance closing costs or the down payment. The second might bear no interest and might not be repayable until the first mortgage is repaid or the property is sold.

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