Q:

What does it mean when you take out a second mortgage

Answer

A second mortgage is an additional loan taken against a property. You still have the 1st mortgage, plus the payments for the 2nd.

Categorized In: Real Estate

Source: What is a Second Mortgage? | www.superpages.com

Description: an additional loan taken against a property. Since a first mortgage must be paid off first, lenders consider second mortgages riskier.

Oct 29, 07:03pm

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