second mortgage

Noun

Meaning

a mortgage that is subordinate to a first mortgage

Synonyms

Hypernyms

Examples

A HELOC generally doesn’t require as much paperwork as a full refinance or a second mortgage, and in most cases you can take a tax deduction on interest. Source: Internet

◆ Fact: It will also offer a forgivable loan of $7,500, secured by a second mortgage, to help with the down payment or closing costs. Source: Internet

If you’re making capital improvements to your home, the interest you pay for your home equity loan may be tax deductible if your combined first and second mortgage debt does not exceed $750,000. Source: Internet

Equity loans are technically a second mortgage or loan, meaning your house or car will become the loan’s collateral. Source: Internet

If I did, I’d have to take out a second mortgage on my house. Source: Internet

On top of this, though, you’ll also qualify for the Assist Loan, which will provide down payment assistance in the form of an up to $7,500 second mortgage. Source: Internet

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