second mortgage


Also found in: Thesaurus, Financial, Encyclopedia, Wikipedia.
Related to second mortgage: Home Equity Line of Credit

second mortgage

n.
A mortgage taken out on property that already has one mortgage, with priority in settlement of claims given to the earlier mortgage.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

second mortgage

n
(Banking & Finance) a mortgage incurred after a first mortgage and having second claim against the security
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.second mortgage - a mortgage that is subordinate to a first mortgage
mortgage - a conditional conveyance of property as security for the repayment of a loan
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
Mentioned in ?
References in periodicals archive ?
Summary: Here are some cases where a second mortgage is a favourable option
Calculator 3b is for borrowers who have both a first and a second mortgage that will be refinanced into a single new mortgage.
TD Bank's capital allows NeighborWorks to provide down payments or second mortgage loans to local home buyers.
* Through an affiliate entity, Brick provided a second mortgage in the amount of $4,000,000 to a private real estate owner.
The Western District ruled April 24 that plaintiffs bringing a suit under the Missouri Second Mortgage Loan Act had six years to file their claims, not three.
Brokers make affordability checks before you sign a second mortgage but lenders are really interested in the value of your property rather than your employment status or credit rating.
Around 200,000 people have a second mortgage, borrowing an average of PS46,000 each, according to the Finance & Leasing Association.
It offers first and second mortgages; loans for homeowners; first and second mortgage refinancing; and retail financing solutions to retailers in Canada.
Both the bank card and second mortgage saw their default rates increase; the bank card rate was 2.84% and the second mortgage posted 0.63% in April 2014.
Average debt was calculated using first and second mortgage loans, auto loan/lease, other types of installment loans, as well as revolving accounts, but not necessarily a combination of all for each consumer.
"Our analysis supports the assertion that, historically, loans with mortgage insurance have been associated with lower rates of delinquency or default when compared to non-insured first-mortgage loans with a piggyback second mortgage," said Eugene Ludwig, founder and chief executive officer of Promontory.