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A second mortgage is a home-secured loan taken out while the original, or first, mortgage is still being repaid. Like the first mortgage, the second mortgage uses your property as collateral.
Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage. [1] [2] Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone second mortgage or piggyback second mortgage. [3]
A second mortgage is simply an additional loan a mortgage-holder takes out, using their home as collateral. The equity you have in your home backs the new loan.
Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. Home equity loan can be used as a person's main mortgage in place of a traditional mortgage.
These second mortgages are commonly structured as either: Low-interest loans: A low-interest second mortgage you’ll repay over the course of a few years. Deferred-payment loans: ...
A wraparound mortgage, more commonly known as a "wrap", is a form of secondary financing for the purchase of real property. [1] [2] The seller extends to the buyer a junior mortgage which wraps around and exists in addition to any superior mortgages already secured by the property.
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