Question
In: Finance
What is a “piggyback loan”?
What is a “piggyback loan”?
A loan from a single lender broken into three or more parts. | |
A loan from a first lender which is added to (piggybacked) by a loan from a second lender. | |
A loan wherein the second loan has no collateral. | |
Any loan that is considered a second loan to the purchase money mortgage. |
Solutions
Expert Solution
correct answer is second option that is "A loan from a first lender which is added to (piggybacked) by a loan from a second lender."
A piggyback mortgage can include any additional mortgage loan beyond a borrower’s first mortgage loan that is secured with the same collateral.
option first is incorrect as it is not the single loan, another loan is taken to piggyback it.
option 3rd is incorrect as piggyback loan is backed by same collateral.
option 4th is incorrect as any loan that is considered a second loan to the purchase money mortgage is known as purchase money mortgage.
jeff jeffy answered 2 years agoRelated Solutions
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