2nd Mortgage Loans

[david12]

2nd mortgage loans refer to loans that are taken out with equity in a home used as collateral, in addition to a first mortgage that is already on the home. A second mortgage is considered slightly more of a risk than a first mortgage, because if the house is foreclosed upon, the first mortgage will always be paid first. 2nd mortgage loans are often referred to interchangeably with home equity loans because they place a lien against the home.
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[briensmith]

A second mortgage is quite simply a loan taken after the first mortgage. There can be various reasons to take out a second mortgage, such as consolidating debts, financing home improvements, or covering a portion of the down payment on the first mortgage to avoid the property mortgage insurance (PMI) requirement. The second mortgage, secured with the same assets as the first, usually carries a higher rate of interest than the first mortgage. The amount that can be borrowed is based on the equity in the home, which is the difference between the current value of the property and the amount that is owed on it. Another option, if there is enough equity, is to refinance and borrow funds in excess of the current loan balance.

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