The Real Estate Encyclopedia
Second Mortgage
Category - Real Estate Glossary - Real Estate Terminology

1.   A mortgage loan made to secure a loan to make home improvements or some other related purpose.


2.   A mortgage loan given by a buyer to generate enough capital to make the down payment required under the first mortgage loan.

A second mortgage is usually a nonconforming loan and subsequently carries a higher interest rate.


Real Estate Glossary - Real Estate Terminology
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