A loan with a second-priority claim against a property in the event that the borrower defaults. The lender who holds the second mortgage gets paid only after the lender holding the first mortgage is paidAnother loan placed upon a piece of property

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 second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property.

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

A loan that is in second position behind the first mortgage. Sometimes used as additional down payment or to pull equity from the home.

A second mortgage assumes a subordinate position behind the first mortgage. Seller – A seller is the person transferring ownership and all the rights for your home in exchange for cash or trade.

Also known as a Home Equity Loan.

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.

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