A mortgage that has a lien position subordinate to the first mortgage.
Similar to a "mortgage." See "second mortgage" under "mortgage."
An additional mortgage on property. In case of a default the first mortgage must be paid before the second mortgage. Second loans are more risky for the lender and usually carry a higher interest rate.
A loan that is junior to a primary or first mortgage and often has a higher interest rate and a shorter term.
- Browse Related Terms: All-inclusive deed of trust, End loan, Interim loan, Junior mortgage, Permanent mortgage, Piggyback loan, second mortgage, Third mortgage, Underlying mortgage, Wraparound mortgage
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