One that is recorded after a first mortgage thus second in priority.

A mortgage which ranks after a first mortgage in priority on a registered land title.

A mortgage with lower rights than a first mortgage on the same property. In the event of a foreclosure, the first mortgage must be satisfied before any payment can go to the second.

A mortgage registered secondly on title after another mortgage. A third mortgage is registered thirdly and so on.

A mortgage which ranks after a first mortgage in priority. If the loan is not repaid, the first mortgage holder has first right to the property; the second mortgage holder receives anything remaining. Settlement Statement A statement prepared by broker, escrow, or lender, giving a complete breakdown of costs involved in a real estate sale. A separate statement is prepared for the seller and buyer.

A loan secured by the equity in a home, when a primary mortgage already exists.

A mortgage on property that is inferior or secondary in ranking to a first mortgage on the same property. The second mortgage holder is generally at a disadvantage to the first mortgage holder in the event of foreclosure or liquidation.

A mortgage made after the first mortgage, where the first is still in tact. The second mortgage acts as an addition, and is subordinant to the first.

A mortgage (or trust deed) that is junior or subordinate to a first mortgage; typically, an additional loan imposed on top of the first mortgage, taken out when the borrower needs more money.

A second loan that uses an already mortgaged house as collateral. The first mortgage has priority over the second loan.

A loan which has rights to the property but are subordinate to the rights of the first mortgage holder.

A second mortgage ranks after a first mortgage in the event of foreclosure. Sales of a home from foreclosure proceedings are used to pay off the loans in the order they were recorded.

A second loan secured by real property that is subject to an existing first mortgage loan.

A mortgage loan secured by real estate that has previously been made security for an existing mortgage loan. Also called a junior mortgage or junior lien.

a further loan on a property over and above the original mortgage, either with the existing lender or another lender.

An additional loan taken on a property.

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.

A mortgage that has a lien priority subordinate to the first lien.

This describes a loan secured on a property whose legal charge ranks second to the first mortgage.

A loan using a home's equity as collateral and which is subordinate to the original mortgage (ie, the first mortgage has priority before all others).

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

A mortgage registered against the property in second place. This means that the lender who is registered first, has first claim if the house goes into foreclosure and the lender in second place will only receive what is left. Because of the higher risk, second mortgages have higher interest rates and higher fees.

See Home Equity Loan.

An additional mortgage whose repayment rights in the event of a default would come after the rights of the first mortgage. As a result, these loans are more risky for the lender and therefore usually charge a higher interest rate.

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

A mortgage obtained after another mortgage and subordinate to the first. "Subordinate" meaning that in the event of default, the lender of the second mortgage gets paid after the lender of the first mortgage. As a result of their "subordinate" nature, secondary mortgage loans are riskier for the lender and therefore bring a higher interest rate.

A mortgage registered second in priority against the property.

A loan placed against a property behind the primary mortgage on the property.

A real estate loan that creates a secondary lien against real property.

A secondary lien against the property that may include any mortgages, lines of credit, home equity loans, or other secured loans.

A subordinate mortgage made in addition to a fist mortgage.

Most often referred to as a home equity. When a member takes out a 2nd mortgage or a "home equity loan", they will have two active mortgages. The credit union is listed in the 2nd lien position; therefore would collect the amount owed on the loan behind the 1st mortgage.

A second loan made by a lender on a home where a first mortgage already exists. In the event the property is repossessed or sold, the first mortgage has to be paid off before the second lender receives any funds.

A mortgage usually at a higher interest rate and represents the difference between the price of the house and first mortgage plus the down-payment. May be obtained from banks or other finance companies.

A junior mortgage that is second in lien priority to a previous first mortgage.

A mortgage that is second, or subordinate to, behind the first mortgage. Sometimes borrowers use a second mortgage as an alternative to refinancing.

Mortgage on a property that already carries a mortgage.

Mortgage held in the second lien position behind a first mortgage.

The use of two lenders in a real estate mortgage in which one lender holds a first mortgage on the real estate and another lender holds a second mortgage. The first mortgage holder has first claim on the borrowerâs mortgaged property and assets in the event of loan default and foreclosure or bankruptcy.

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.

A second loan placed upon a property in addition to an existing first loan.

A mortgage taken on a property which already has a first mortgage. Because a second mortgage is in subordinate position in the event of default, there is greater risk to the lender, so the interest rate is generally higher.

An additional loan on a property that becomes second in position behind the first mortgage. Generally at a higher interest rate and shorter terms than a first mortgage.

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

A second mortgage is a lien in which you are given a lump sum amount, which you pay off in installments over a specified period of time. Home improvement and debt consolidation loans are considered second mortgages.

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

That mortgage which is recorded after one other mortgage has already been recorded (and has not yet been released). When the first mortgage is paid off and released, the second mortgage becomes the first mortgage.

A loan secured by home equity that is legally subordinate to the original mortgage.

The mortgage next in line after the first mortgage. A second mortgage is usually offered at a higher interest rate than the first mortgage. The amount of the second mortgage is a portion of the difference between the first and the appraised value of the property. It is a method to obtain more money at a later period, or have a lower down payment from the property's value.

A mortgage registered against a property, even though another (first mortgage) is registered on the property. In case of default (non-payment of loan), the first mortgage is paid FIRST.

A higher interest rate loan that provides you with additional financing if the first mortgage does not meet your total financial requirements.

mortgage that is the secondary lien; in "second lien" or "junior" position against the property used as collateral.

Second priority lien against the equity in a home, usually following a purchase money mortgage.

A second lien on a property.

A debt registered against a property that is secured by a second charge on the property.

A mortgage taken out after a first mortgage that ranks second in payment priority.

A loan issued on property that is already encumbered by an existing mortgage (ie: the first mortgage). The second mortgage is subordinate to the first.

A mortgage that is in second position to the first mortgage. The second mortgage is "junior" to the first meaning that if the property goes into foreclosure, the first mortgage must be paid in full before the second mortgage holder is entitled to be paid. Some buyers will get a second mortgage if they cannot obtain enough of a loan from the first mortgage or if they can qualify for better terms on the first mortgage by obtaining a smaller second mortgage. There is no limit to the number of junior mortgages that can be placed against a property.

A mortgage placed on a property that has second claim (or secondary rights of foreclosure) to a first mortgage on that property.

A mortgage that has rights secondary to the first mortgage.

A mortgage in addition to the first mortgage. Home equity loans, credit lines, home improvement loans are second mortgage loans. Second mortgage loans are non-conforming loans, so, they usually carry a higher interest rate, and they often are for a shorter time.

An additional mortgage that is subordinate to the first or primary mortgage. In case of default, the second mortgagee receives funds only after the first mortgagee is paid

A loan which is secured by real estate which is already secured by another loan referred to as the first mortgage. The second mortgage is subordinate to the first mortgage.

Additional financing on the home. Typically it has a shorter term and a higher interest rate than the first mortgage.

A mortgage loan with the property as security by which the lender is not repaid upon default or liquidation until the first mortgage holder has been paid in full. Because of their higher risk second mortgages invariably have a considerably higher interest rate.

A subordinate mortgage made in addition to a first mortgage.

A second mortgage is a mortgage on real estate that has already been pledged as collateral against another mortgage.

a loan that is subordinate to a property's first mortgage. A property may have several mortgages against it, each ranked in order of priority.

a lien on the property in second position, utilizing the available equity, purchased to avoid paying private mortgage insurance. Often used for home improvements, debt consolidation, and so on.

a mortgage that is second in priority because of the time of recording the mortgage or of the subordination of the mortgage.

A mortgage whose rights to the property are secondary to the first lien holder.

A loan that uses the equity in a home as collateral.

a loan secured by property which takes second position to the first mortgage.

This is usually at a higher interest rate and represents the difference between the appraised value of the house and first mortgage financing plus the downpayment.

A mortgage debt with a claim to the first mortgage. May be used to reduce the amount of a cash down payment or in refinancing to raise cash for home improvements or other investments. The interest rate is higher on a second mortgage because of increased risk.

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

A mortgage that is paid off only after the first mortgage is paid when the property is sold.

Additional financing, which usually has a shorter term and a higher interest rate than the first mortgage.

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

A popular loan option, taking out a second on a property will give the borrower an influx of available cash. The second mortgage is subordinate to a property's first mortgage.

A further loan on a property which ranks after the first charge mortgage.

An additional loan on a property which is secured by a lien junior to the senior loan. which is . These loans often carry a shorter term and a higher interest rate than the original first or senior loan.

A supplementary mortgage. Second mortgages are sometimes used to make up for a shortfall between the total mortgage requirements and what the first mortgage will cover. They are usually of a shorter term and a higher interest rate than standard mortgages.

This is a mortgage that is secondary to a first mortgage on the property. A home equity loan can also be considered as a second mortgage. AECC normally pays off all second mortgages on inventory homes since the interest rate charged by the lender is a higher rate.

A mortgage that is in addition to the first mortgage. It is secured by the value of the primary home and includes home equity loans, credit lines, and home improvement loans.

(Additional mortgage used to raise finance fom the positive equity in a property - click for full explanation)

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

Mortgage that has rights secondary to the first mortgage, i.e., the proceeds from a foreclosure sale must pay the first mortgage before any funds can go to repay the second mortgage.

(Personal Loan) An installment loan secured by the equity value in the home, taken in addition to the first/primary mortgage. It usually bears a higher rate of interest than the first mortgage, to reflect higher risk.

A further loan secured against a property which has another loan already secured upon it. The lender of the second mortgage will have the second charge over the property, after the lender with first charge.

A loan with rights secondary to the first mortgage.

A second loan placed upon a piece of property.

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

() An secondary mortgage on a property that already has an existing or first mortgage.

A second mortgage is also known as a secured loan. It is an additional mortgage taken out on a property which is already mortgaged.

A junior mortgage subject only to the first mortgage.

The traditional term for a home equity loan with a fixed rate.

A second mortgage is a second lien on a house, usually in addition to a primary mortgage. A second mortgage is typically taken out for a shorter period of time (10 – 15 yrs). There are many products available and the way interest is charged can depend on the product (i.e. fixed, balloon etc).

A second mortgage is always subordinate to a first mortgage. A second mortgage is a loan incurred to purchase a property in addition to another loan of greater value. An 80:10:10 is a first mortgage of 80% of the purchase price with a second mortgage of 10% of the purchase price and 10% paid by the buyer at inception.

A mortgage loan which is registered on title after another mortgage (the first mortgage) and, therefore, is behind the first mortgage in priority. In the event of default and sale of the property, the second mortgagee will only be paid if there are funds left after the payment of the first mortgagee.

A mortgage on property that ranks below 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 sequence priority, indicated by the date of recording, determines the designation first, second, third, etc.

A mortgage that ranks behind the first mortgage in lien priority due to its later filing of record.

An additional loan imposed on property with a first mortgage. Generally at a higher interest rate and shorter terms than a "first" mortgage.

A mortgage taken out on a home that has an existing mortgage. A home equity loan is a type of second mortgage.

A second loan placed on a piece of property.

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

A mortgage on real estate, which has already been pledged as collateral for an earlier mortgage. The second mortgage carries rights, which are subordinate to those of the first.

A type of mortgage used when a mortgage is already registered on the property but additional funds are needed and the individual still wishes to maintain the first mortgage.

A loan secured by a mortgage or trust deed in which the lien is junior to a first mortgage or deed of trust.

Mortgage that has a lien position second to a first mortgage.

A mortgage that is obtained after the primary mortgage, and whose rights for repayment are secondary to the first mortgage.

A subordinate or junior mortgage to a first mortgage. Seller Carry-Back Mortgage - A mortgage held by the seller of a property and created as a result of the seller of the property financing a portion of that sale.

A second charge or loan registered by a company or building society directly behind the first mortgage.

A mortgage that is in a second position behind (or subordinate to) the original first mortgage; see also Junior Lien. A second mortgage is a good alternative to refinancing when one has an original first mortgage loan with a low interest rate. A second mortgage will give the borrower a lump sum of funds to use as needed. The qualification process and debt-to-income ratio requirement are the same as refinancing.

A mortgage made subsequent to the first mortgage and is always subordinate to the first mortgage.

An additional mortgage loan behind the first mortgage on a property. The rights of the second mortgage lender are subordinate to the rights of the first mortgage lender.

A mortgage that is obtained after the primary mortgage with rights for repayment secondary to the first mortgagee’s loan.

A mortgage that has a lien position subordinate of existing mortgages.

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

A mortgage lien which is recorded against a property as security for a loan and is taken out after a first mortgage loan.

A term describing any mortgage that is filed after the date of the "first" mortgage filing. The rights of the second mortgage holder are subordinate (inferior) to the rights of the first mortgage.

A second loan on the same property and home that the first mortgage loan is secured by.

A mortgage that has rights subordinate to a first mortgage.

Loan that is considered to be adjunct to the first or original mortgage. This loan is secured by the equity of the property.

A mortgage which ranks after the first mortgage lien in priority.

A mortgage on real estate which has already been pledged as collateral against another mortgage. Read more...

A mortgage on real estate that is subordinated to a first mortgage already recorded against the property. See also subordinated debt.

Another loan placed upon a piece of property.

A second lien, secured by a home property, such as a home equity loan or line of credit, that is subordinate to the lien created by the First Mortgage.

Additional financing. Usually has a shorter term and carries a higher rate of interest than the First mortgage.

A mortgage made subsequent to the primary mortgage.

A mortgage placed on a property after the first mortgage and subordinate to the first mortgage. People often take a second mortgage on a residential property to recapture some of their gain and/or appreciation to be used for other investments or expenses.

A real estate mortgage subordinate to another mortgage.

A mortgage granted when there is already a mortgage registered against the property.

A mortgage registered against real property which is already encumbered with one mortgage. Date and time of registration determines which is first and which is second.

A mortgage made by a home buyer in addition to an existing first mortgage.

A mortgage placed on real property which is already encumbered with one mortgage. Determination of first, second, third, etc. mortgage is by priority of registration (time and date.)

A mortgage that carries rights which are subordinate to the rights of the first mortgage holder; that is, they are the secondary.

is a mortgage whose claim is subordinated to a primary (first) mortgage. If a property is sold, mortgages and liens are paid off in the order of their filing. If there are not enough proceeds from a sale, the last ones on the list do not get paid.

A loan by way of mortgage on property that is already mortgaged to another person. The first mortgagee's rights have priority over those of a second mortgagee, a second mortgagee's rights over those of a third mortgagee, and so on.

A mortgage which ranks after a first mortgage in priority. Properties may have two, three, or more Mortgages as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc.

A mortgage that ranks after a first mortgage in priority.

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

A mortgage recorded subsequent to the first mortgage or otherwise made "junior" to another mortgage. A second mortgage is always subordinate to the first mortgage on the same property.

mortgage on property that has a lien position behind the first mortgage. In case of foreclosure, the second lien receives no money until the primary lien has been satisfied. Back

a property lien placed in a secondary position to the original mortgage.

A subordinated lien, created by a mortgage loan, over the amount of a first mortgage. Second mortgages generally carry a higher rate than a first mortgage since they represent a higher risk for an investor.

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

An additional mortgage placed on a property that has rights that are subordinate to the first mortgage.

The taking out of a mortgage on a property which is already mortgaged. This can be used to raise capital if the property has significantly increased in value and would involve finance companies rather than banks or building societies. Since the first mortgagee (lender) usually holds the deeds of the property, the second mortgagee will carry a higher risk and thus charges a considerably higher rate of interest.

A mortgage which is subordinate to a first mortgage.

A second mortgage is a mortgage granted on a property that is already part of a mortgage agreement. If the borrower defaults and the property is sold, the second mortgage is paid after the first. ING DIRECT does not offer second mortgages.

A mortgage with a lien position secondary to that of a first mortgage. (See "Junior Liens")

A mortgage that is subordinate to the rights of the first mortgage. A second mortgage may be used to secure an equity line of credit or other terms of financing.

A mortgage placed on a property after a first mortgage has been secured. The second mortgage is subordinate to the first mortgage so that in the event of default and sale of the property, the second mortgagee will be paid out of any funds that remain after the payment of the first mortgagee.

Junior mortgage which falls in title claim behind another mortgage. Can be used for home improvements or to avoid PMI or jumbo interest rates.

a mortgage issued after the first or primary mortgage and subordinate to the primary mortgage

A mortgage ranking in priority immediately below a first mortgage.

A loan that in the event of foreclosure is paid off after the first mortgage. You can have one or more mortgages on your property. Buyers often use second mortgages when they can't get enough financing from a lender to pay for a home. For example, you can ask the seller to reduce a home's selling price by $10,000 and offer to pay back this amount along with interest in monthly installments. This $10,000 is secured with a second mortgage. The seller, though, is taking a risk - if you default on the first mortgage and the lender forecloses on the home, there might not be enough money from the sale to cover both the first mortgage and the seller's loan. Second mortgages usually have a higher interest to offset this risk. In some states, a second mortgage is called a junior trust deed.

Additional loan that is subordinate to the primary mortgage

This is usually at a higher interest rate and represents the difference between the price of the house and first mortgage, plus the downpayment or remaining equity in the property.

Term used to describe a loan secured on a property but whose legal charge ranks second to the 'first' mortgage. Sometimes called a 'Secured Loan'. e.g. a loan from a bank for improvements.

A second mortgage assumes a subordinate position behind the first mortgage.

A mortgage loan that takes priority after a first mortgage on a registered land title.

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.

A loan on property which already has an existing mortgage (the first mortgage). The second mortgage is subordinate to the first. Generally at a higher interest rate and shorter terms than a first mortgage. It's a good alternative to refinancing when the borrower has an original first mortgage with a low interest rate. A second mortgage will give the borrower a lump sum of funds to use as needed. The qualification process and debt-to-income ratio requirement are the same as refinancing.

A 2nd loan, on the same property, that is in a junior lien or subordinate position.

A mortgage which is recorded after a first mortgage. Subordinates to the first mortgage.

A mortgage loan that is taken out on a property that is already mortgaged. It is a way of releasing equity from your property without incuring the costs of changing your current mortgage (e.g. some first mortgages have incentives such as fixed rates and there could be a charge to pull out of that agreement)

An additional mortgage secured by a property that currently has a lien (mortgage). This process adds an additional lien that is subordinate (junior) to any previous liens.

A mortgage which is entered after the primary loan. Called a second due to it being the second lien position to the first mortgage. See also Secondary Financing.

A subsequent mortgage with rights and claims subordinate to the the first mortgage.

Used in the addition to the first mortgage. Second mortgages usually carry higher interest rates and are known as a higher risk to investors due to the fact that they are subordinate to any first mortgages.

The seller or lending institution loans the buyer enough to make-up the difference between the purchase price, the down payment, and the first-mortgage balance. This. is a convenient financing mechanism for the buyer who has limited funds for a down payment, yet is able to assume a first mortgage. The terms are based on a separate agreement between the buyer and seller or the buyer and the lending institution. A second mortgage is usually short-term (5-15 years). In some instances, the second mortgage may require only interest be paid until the term date when the balance is due. At that time, the buyer can payoff the loan or refinance.

A mortgage that is second in line behind another loan.

A mortgage that has rights subordinate to the rights of the first mortgage holders. Can be for purchase or refinance, concurrent or stand alone.

A mortgage that extends rights to the lender which are subordinate or inferior to the rights extended to the first mortgage holder.

a mortgage paid off only after a first mortgage is repaid

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.

A mortgage placed on a property with rights subordinate to the existing first trust deed.

security interest self-amortizing mortgage

A mortgage that is made subsequent to a first mortgage on a property and is subordinate to the first.

A mortgage loan that is registered on title after a first mortgage is already recorded. It is behind the first mortgage in priority. In the event of default and sale of the property, the second mortgagee will only be paid if there are funds left after the payment of the first mortgagee. back

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