second mortgage


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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.

second mortgage

n
(Banking & Finance) a mortgage incurred after a first mortgage and having second claim against the security
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
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References in periodicals archive ?
Some second mortgage firms offer "home equity lines of credit" - these offer more flexibility so you can borrow up to a maximum amount but repay or not use the credit when it works for you.
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.
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.
Global Banking News-26 March 2010-Citigroup announces commitment to government's second mortgage modification plan(C)2010 ENPublishing - http://www.
A second mortgage of $450,000 was placed on a 22-unit apartment building on West 22nd Street, Manhattan.
If your current home is worth $200,000, for example, and you have $50,000 in equity, you can do one of two things--refinance or take out a second mortgage.
Our analysis of outstanding mortgage pools shows that between 23 [percent] and 53 percent of first-mortgage borrowers add a second mortgage within three years of origination, masking the true risk of the assets being held or under consideration for investment.
Also arrested was Interstate Mortgage Services manager Robert Pulido, 43; Ron Bible, 54, accused of using $60,000 from McCray's clients to buy his San Bernardino home; and Regina Peel, 42, a traveling evangelist accused of depositing money from McCray's clients into her bank accounts and using it to pay off a second mortgage on her own home that was in foreclosure.
The payment can either be deducted from the principal and interest payment on the first mortgage, it can be added into the recipient's income, or it can be used to pay off a second mortgage on the home.
that is subject to a first mortgage securing a debt of J's of $110,000 and second mortgage securing a second debt of J's of $90,000.
I would recommend to this committee that during the course of their deliberations they solicit information from creditors active in second mortgage lending to determine how the proposed legislation might affect the availability of credit.