Second mortgage

Second mortgage,

Definition of Second mortgage:

  1. Loan secured by the home owners equity (market value of the property less balance on the first mortgage) in a property that is already mortgaged. Second mortgages are junior (subordinate) to the first mortgage and, in case of a foreclosure sale, are paid out only after the full satisfaction of the first mortgage. Both mortgages run concurrently and, typically, the second mortgage has shorter maturity period than the first one.

  2. Since the second mortgage would receive repayments only when the first mortgage has been paid off, the interest rate charged for the second mortgage tends to be higher and the amount borrowed will be lower than that of the first mortgage.

  3. A mortgage taken out on a property that is already mortgaged.

  4. 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 from the liquidation of the property until it is all paid off.

How to use Second mortgage in a sentence?

  1. HELOCs are often used as second mortgages.
  2. What struck me was the number of people whose home was under threat from a second mortgage or secured loan.
  3. Homeowners might use a second mortgage to finance large purchases like college or a new vehicle.
  4. A second mortgage is a loan made in addition to the homeowner's primary mortgage.

Meaning of Second mortgage & Second mortgage Definition

Second Mortgage,

What is The Meaning of Second Mortgage?

  • Mortgages taken at the same time or after the initial mortgage

Literal Meanings of Second Mortgage

Second:

Meanings of Second:
  1. This is number two in the order that appears before or after the second time.

  2. Being inferior in position, position or importance.

  3. An assistant who helps with fights or boxing matches.

  4. Accept defense or formal approval (nomination or resolution or author) as formal prerequisites for acceptance or further discussion.

  5. Eighty-one minutes, described as the SI time unit, is the natural period of radiation emitted from the cesium atom 133. Not long ago.

  6. Forty-one minute angles.

  7. Temporary transfer (from a military officer or government employee or other worker) to another job or position.

Sentences of Second
  1. Married for the second time

  2. It was the second largest Baltic port after Copenhagen

  3. It involved meeting a young man who volunteered for another place as a couple.

  4. Bertonszi supports the direction of Birmingham

  5. Torrance pulled the trigger, waited twenty-five seconds and then fired.

  6. In actual numbers, the resolution is about half a second of the arc, which is equal to one pie at a distance of 10 km.

  7. I was assigned to the public relations department

Synonyms of Second

promote, ensuing, announce one's support for, subsequent, following, approve, supporting, lend, formally support, give one's support to, next, subservient, back, give one's approval to, back up, assign temporarily, lower-grade, lower, endorse, commend, succeeding, subsidiary, secondary, minor

Mortgage:

Meanings of Mortgage:
  1. A legal arrangement under which a bank or other lender lends at interest in exchange for ownership of the lender's property, provided the transfer of ownership is canceled after the loan is repaid.

  2. Designate the lender (property) as a loan collateral.

Sentences of Mortgage
  1. I deposited one lakh cash and took the remaining installments

  2. The farm is on hold

Synonyms of Mortgage

credit, guarantee, pawn, put up as collateral, mortgage, advance