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 paid

Another 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.