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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.
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Second Mortgage
A Second Mortgage is a second loan on a piece of property. It often carries a shorter term and a higher interest rate than the original mortgage. The original mortgage and the second mortgage are secured on your property, but the legal charge of a second mortgage ranks behind or second to the original mortgage, making it a higher risk for the lender. A second mortgage is also called a junior mortgage.
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