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Second Mortgage: A second mortgage is a type of subordinate mortgage made while an original mortgage is still in effect. In the event of default, the original mortgage would receive all proceeds.
Second mortgages come in two basic types: home equity loans and lines of credit. If you take out a second mortgage in the form of a loan, you will receive a lump sum of money based on the equity.
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A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan. Called lien holders positioning, the second mortgage falls.
A second mortgage is any loan secured by the value of your home that you have in addition to your primary mortgage. Second mortgages fall into three types: home equity loans, home equity lines of credit (HELOCs) and piggyback loans.
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A second mortgage can also present a challenge when it comes to refinancing your primary mortgage. Generally speaking, the oldest mortgage is the first lien. When a primary mortgage is refinanced, any 2nd mortgage becomes the new first lien unless it is resubordinated to the new primary loan.
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Should this happen, this mortgage (known as the "first" mortgage) takes priority over subsequent loans made against the property, such as a home equity loan (sometimes known as a "second" mortgage) or.
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A second mortgage is similar in some respects to a HELOC as they use your home’s equity as collateral. The primary difference is how you receive the payment of your loan. A second mortgage is a lump sum, whereas the HELOC is a line of credit.
A second mortgage – also referred to as a home equity loan or home equity line of credit – is just what it sounds like: another (second) mortgage on your home. Like with your original mortgage, your second mortgage is secured by your home, meaning that if you don’t pay the loan, the bank can take your home.
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