Second Mortgage

# A mortgage, the lien of which is subordinate to that of another mortgage.

# A second loan placed upon a piece of property.

# A mortgage ranking in priority immediately below a first mortgage.

# A mortgage that has rights that are subordinate to the rights of the first mortgage holder.

# A mortgage made inferior to the first mortgage and is always subordinate to the first mortgage.

# A mortgage that has a lien position subordinate to the first mortgage.

# A loan that is junior to a primary or first mortgage and often has a higher interest rate and a shorter term.

# A second financing arrangement, in addition to the first mortgage, also secured by the property. Second mortgages are usually issued at a higher interest rate and for a shorter term than the first mortgage.

# An additional mortgage on a property that already has a mortgage.

# This is usually at a higher interest rate and represents the difference between the price of the house and first mortgage plus the down payment. This may be obtained from banks and finance companies or through lawyers or notaries.

# An additional mortgage on a property. It often carries a shorter term and a higher interest rate than the original mortgage.

# A mortgage made subsequent to another mortgage and subordinate to the first one.

# A mortgage that, on the sale of a property, is paid off only when the first mortgage is paid.

# Loans where residential property is used as the collateral. There is already an existing first mortgage, or the second mortgage is done in tandem with the first mortgage.

# The second lien on a property that is used to secure a loan.

# A mortgage which ranks after a first mortgage in priority. Properties may have two, three, or more mortgages, deeds of trust, or land contracts, as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc. lien.

# An additional mortgage on a property that already has a registered mortgage. If the borrower defaults and the property is sold, the second mortgage is paid after the first. BACK TO TOP

# A subordinate mortgage made in addition to a first mortgage. Secondary Mortgage Market - The market into which primary mortgage lenders sell the mortgages to obtain funds to originate more new loans. Includes investors like Fannie Mae and Freddie Mac.

# A type of additional financing on top of your existing mortgage. This second mortgage usually is applied at a higher rate of interest and is negotiated for a shorter term

# The second-priority claim against a property in the event that the borrower defaults on the loan. A riskier form of lending since the lender who holds the second mortgage gets paid only after the lender holding the first mortgage is paid.

# Junior mortgage or junior lien; an additional loan imposed on property with a first mortgage. Generally at a higher interest rate and with shorter terms than a "first" mortgage.

# A mortgage on the same property, that is in a second position (or subordinate to) the original first mortgage.

# A second loan on real estate that already has a mortgage. It is subordinate to the first mortgage. Usually of shorter term and often at higher interest rate.

# A mortgage that has rights that are subordinate to the rights of the first mortgage holder. Security - The collateral offered by a debtor to a lender to secure a loan. For instance, the security behind a mortgage loan is the real estate being purchased with the proceeds of the loan. If the debt is not repaid, the lender may seize the security and resell it. ...

# One which takes rank immediately after a first mortgage on the same property, without any intervening liens, and is next entitled to satisfaction out of the proceeds of the property.

# a mortgage that is subordinate to a first mortgage

# A secured loan (or mortgage) that is subordinate to another loan against the same property. More specifically, the second loan in sequence.