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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 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 are subordinate to the primary mortgage, meaning that in the event of foreclosure, the primary mortgage lender is paid first. This higher risk for lenders typically results in ...
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.
A mortgage loan or simply mortgage (/ ˈ m ɔːr ɡ ɪ dʒ /), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.
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.
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