A mortgage loan that is in second or lower position behind an existing first mortgage. Junior mortgages are also known as "subordinate mortgages" or "second mortgages", and typically have a higher interest rate than the first mortgage. They are used to get additional financing for a property, and are considered more risky for the lender as in case of default, the first mortgage holder gets paid before the junior mortgage holder gets paid.
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What does junior mortgage mean?
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