Real Estate Glossary | What is Second Mortgage??

Q: What is Second Mortgage?

A second mortgage is a type of loan that allows homeowners to borrow against the equity they have built in their home. This type of loan is typically used for home improvements, consolidating debt, or other large expenses. The interest rate on a second mortgage is typically higher than that of a primary mortgage, as the lender is taking on more risk by lending against an already existing loan.

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