Silent Second
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.
Popular Mortgage Terms
The period until the last payment is due. The maturity is usually but not always the same as the period used to calculate the mortgage payment. ...
A documentation requirement where the applicant's income is not disclosed. ...
Housing expense plus current debt service payments. ...
A documentation rule where the borrower discloses income and its source but the lender does not verify the amount. ...
A borrower who doesn't pay. ...
The maximum allowable decrease in the interest rate on an ARM each time rate is adjusted. It is usually one or two percentage points. ...
A mortgage lender or mortgage broker. ...
The assumption of a mortgage, with permission of the lender, from a borrower unable to continue making the payments. ...
Insurance provided the lender against loss on a mortgage in the event of borrower default. In the U.S., all FHA and VA mortgages are insured by the federal government. On other mortgages, ...
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