Ads
related to: second mortgage on same property definition
Search results
Results From The WOW.Com Content Network
Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage. [ 1 ] [ 2 ] Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone second mortgage or piggyback second mortgage. [ 3 ]
A second mortgage is a home-secured loan taken out while the original, or first, mortgage is still being repaid. Like the first mortgage, the second mortgage uses your property as collateral.
A remortgage (known as refinancing in the United States) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. [1] The term is mainly used commercially in the United Kingdom, though what it describes is not unique to any one country.
Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. Home equity loan can be used as a person's main mortgage in place of a traditional mortgage.
A second mortgage is a loan taken out on a property that already has an existing mortgage. It allows homeowners to tap into the equity they’ve built up in their homes. There are two primary ...
A home equity loan is a type of second mortgage that allows you to obtain a fixed amount of ... with your property serving as collateral for the debt. With either option, you can use the funds ...
Ad
related to: second mortgage on same property definition