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Loanfactz Definitions
Glossary of Legal Terms, Loan Terms and Home Construction, Repair and Maintenance Definitions. Some words have more than one meaning. Only those meanings relating to this site will be used.
All of J
Junior Mortgage
A loan that is second or third in position to the primary loan or first lien mortgage loan. Borrowers sometimes use junior mortgages to obtain additional funds needed for a downpayment or for closing costs. Lenders tend to discourage junior mortgage financing because the borrower has little or no equity in the home. A junior mortgage ranks behind or second to the original mortgage, making it a higher risk for the lender. A junior mortgage is also called a second mortgage.
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