What Is A Second Mortgage

A second mortgage is a loan registered on a property after a first mortgage lender. It can be a regular loan, private loan, or line of credit from a financial institution. Second mortgages can be used for debt consolidation, education expenses, or when refinancing the first mortgage is not possible. Interest rates depend on the applicant's credit score, employment, and property. Priority matters because it determines which lender will be paid out first in case of mortgage default or foreclosure. Contact Sarah today to learn more about second mortgages and available rates.