1st Mortgage 2nd Mortgage

A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property.

In real estate, a property can have multiple loans or liens against it. The loan which is registered with county or city registry first is called the first mortgage or first position trust deed . The lien registered second is called the second mortgage. A property can have a third or even fourth mortgage, but those are rarer.

Second mortgages are called subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Thus, second mortgages are riskier for lenders and generally come with a higher interest rate than first mortgages.

In most cases, a second mortgage takes the form of a home equity loan and the two are synonymous, from a financial standpoint. The difference in terminology is that a mortgage traditionally refers to the legal lien instrument, rather than the debt itself.

The term length of a second mortgage varies. Terms can last up to 30 years on second mortgages; however repayment may be required in as little as one year depending on the loan structure.

A second mortgage can occasionally be the catalyst to foreclosure when a homeowner defaults on their loan. The second lien holder then purchases the primary mortgage (which may still be in good standing) and then forecloses which leaves the homeowner losing their home to the 2nd mortgage lender.

Generally, when considering the application for a second mortgage, lenders will look for the following:

• Significant equity in the first mortgage
• Low debt-to-income ratio
• High credit score
• Solid employment history

See also

• Home equity loan
• Mortgage loan
• Mortgage
• Refinancing

1st & 2nd Mortgage Brokers in Canada: Canadian Mortgage Tips for ...

Canada Mortgage Tips For Low Interest Rate Home Purchase, Mortgage Refinancing & 2nd Mortgage Debt Consolidation Loans from Joe Malek & Canadian mortgage brokers

...

1ST MORTGAGE VS 2ND MORTGAGE

do you have to pay off a 2nd mortgage before you pay off the 1st mortgage in a refinance?

...

Welcome to First Chicago Mortgage

1st Time Home Buyer 1st Mortgage: 2nd Mortgage: Refinance: Home Equity: Blanket Loans: Bridge Loans

...

Re: Refinancing 1st and 2nd Mortgage - Mortgage Loans - FICO ...

I just checked my FICO score today. EQ/658 TU/617. My wife and I are getting a divorce, I'm trying to keep the house in my name only.1st mortgage bal:85500,2nd mortgage bal:41000.

...

1st Missouri Mortgage Loans - The Lowest Interest Rates on Mortgages ...

1st Missouri Mortgage Loans - offers the lowest interest rates on loan products including 2nd mortgages, home loans, refinancing, debt consolidation, appraisals and more .

...

Second Mortgage Lenders, 2nd Rates, Refinance Lending

Second Mortgage Lenders can help you secure lending for a 2nd mortgage, credit line or a ... Conventional Loans are common types of first mortgages for consumers with good credit ...

...

Foreclosure Effects on 1st Mortgage & 2nd Mortgage | eHow.com

Foreclosure Effects on 1st Mortgage & 2nd Mortgage. Your mortgage lender has a security interest in your home that allows it to take title to your home through foreclosure if you ...

...

Refinance 1st and 2nd Mortgages

This calculator tells you how much you can save by refinancing your 1st and 2nd mortgages on your home.

...

Community First Mortgage - A Bellingham, Washington Home Mortgage and ...

Self-Employed: Combine 1st & 2nd mortgage: Divorce settlement: Very competitive programs: Equity lines of credit: Any credit situation: Mobile homes okay

...

Refinance Mortgage - Home Equity Loan - Debt Consolidation Loan - 2nd ...

Compare rates on a home loan, mortgage refinance loan, home equity loan or second ... Home Equity Line of Credit ; Refinance First Mortgage ; 2nd Mortgage ; First Time buyer

...