Question: Which of the following statements is/are TRUE. – Which of the following statements is/are TRUE regarding a "second mortgage"? CIRCLE ALL THAT APPLY 5. (2 points) A second mortgage is an unsecured loan obtained by a person who has paid off their original mortgage. When a homeowner sells the house, the sale proceeds must be used to pay off the second n proceeds.
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What's the Difference Between a Mortgage and Deed of Trust? – To fully understand the difference between a mortgage and a deed of trust, you must first understand promissory notes. Homebuyers usually think of the mortgage or deed of trust as the contract they are signing with the lender to borrow money to purchase a house. But that’s actually not the case.
An "80/10/10 mortgage" translates to an 80% loan-to-value ratio (LTV) on the first mortgage, 10% LTV on the second mortgage, and a 10% down payment. In essence, you’re putting down just 10%, but keeping your first mortgage at the important 80% LTV or less threshold to avoid mortgage insurance .
PDF chapter 15 questions real estate Financing: Practice – Chapter 15 questions real estate financing: Practice 1. Kahlid has been making periodic payments of principal and interest on a loan, but the final payment will be larger than the others. This is a (n) a. balloon payment loan b. fully amortized loan c. FHA loan d. straight loan. 2.
What Happens if You Default on a Second Mortgage? | AllLaw – A second mortgage may be a home equity line of credit (HELOC), a piggyback loan (in an 80/20 loan, the purchaser puts no money down, finances 80% of the purchase price with a first mortgage loan, and finances the remaining 20% with a junior piggyback loan), or any other loan secured by the home.
Which of the following is true about Reverse Annuity. – fixed rate mortgage Which one of the following is true about privately issued Texas A&M University FINC 381 – Spring 2016
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A second mortgage – also referred to as a home equity loan or home equity line of credit – is just what it sounds like: another (second) mortgage on your home. Like with your original mortgage, your second mortgage is secured by your home, meaning that if you don’t pay the loan, the bank can take your home.